Tax debt can have a crippling effect on so many aspects of your life. The stress off trying to pay down that debt even as interest and fines on it climb can be overwhelming, and you might feel at a loss for how to deal with it so that you can move on with your life. While it is entirely possible to enter into payment agreements with the IRS on your own, it’s a good idea to have an advocate that works with you in navigating your tax debt with the IRS. Why? Keep reading to learn the benefits of working with a tax debt relief expert.
Know What You Qualify For
There are a variety of IRS debt relief programs, including short-term payment plans, long-term payment plans, offers in compromise, and even having your account set to a “Currently Not Collectible” status. So how do you know which of these you should apply for? Understanding which IRS debt relief programs you actually qualify for can be more difficult than you think. While almost everyone with tax debt below $10,000 will qualify for a short-term payment plan, that doesn’t mean it will be the best option for you.
An advocate who has worked through these debt relief programs over and over again can look at your financial situation and determine which programs you could qualify for, and help you decide the one that best fits your needs. If you’re going it alone, you may end up applying to a less-than-ideal payment plan for your circumstances, or you may end applying to one that you don’t even qualify for.
Ensure Your Application Is Accurate
Speaking of applications, the process can sometimes be complicated, depending on the specific program you’re applying for. If your application is not filled out with complete accuracy, it will automatically be rejected, and you’ll be back at square one. And did we mention that many of these program applications require an application fee? So, if your paperwork is not completed properly, it will be rejected and you’ll lose any fee you paid to apply—and then have to pay it all over again after you correct the errors in your application packet.
Experience is your greatest ally when it comes to ensuring that your tax debt relief application is filled out properly. Companies like ours have worked through these packets more times than we can count, so we know how to fill them out properly and ensure that your application is not rejected for a simple, avoidable error. This can save you the cost of additional application fees, as well as helping you move you towards debt relief much more quickly.
Explore All Your Options
As we mentioned above, there are many different debt relief options out there. It’s important that you thoroughly explore all of those options to determine which is best for you. This can take a lot of time, and many people don’t want to invest that amount of time into it when they’re trying to clear up their tax debt problems as quickly as possible. Because we are familiar with all of the IRS’s debt relief programs, we can help you to explore all of your options quickly and make a fast—but highly informed—choice regarding which program is right for you.
For example, many individuals struggling with debt to the IRS are unaware of the option to set their account to a “Currently Not Collectible” status. This can be an ideal solution for individuals who want to halt collection efforts on their tax debt while they get back on their feet financially. While it does not clear your tax debt, it can give you room to breathe and prevent harmful collection efforts against you until you’re able to work out a plan for paying your tax debt.
We can help you to explore options like these—and any others that may apply to your situation—so you can ensure you’re finding the right program for your needs.
Get Help Staying on Track
Once you are approved for a repayment plan, it’s important that you stick to it down to the last detail. Defaulting on an IRS payment plan can land you in hotter water than you were in before. Our advocates will help you to stay on track and see your plan through, so you can get your tax debt paid off and move forward with your life, free of this financial burden.
Ready to get started? Contact the IRS Advocates today to schedule a meeting about settling your tax debt.
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