If you are looking for a way to pay off your IRS debt you have several choices. However, we recommend that before deciding on a way to pay off of your IRS debt that you talk to a Tulsa tax attorney.
one of the most popular ways to pay off your IRS debt is to set up an installment agreement. This will allow you to set up a payment plan with the IRS and allow you to pay off your debt in a number of months or years depending on how much you owe the IRS and how much you can afford to pay off.
You could also set up a partial payment installment agreement. This means that you are not paying off the entire amount of what you owe, but you are paying off a partial amount of what you owe. Of course, in order to set this up, you would need to have a tax lawyer work this out for you with the IRS. Depending on what you owe the IRS, you might or might not be able to set this up with the IRS. You would need to talk to a Tulsa tax attorney to decide if this would work for you or not.
There is also a thing called “Offers In Comprise.” This will basically allow you to pay off a lump sum of the payment. However, with an Offer in Comprise, you are not required to pay the total amount of it off. You are just paying a portion of it. You have to qualify in order to pay off your taxes in “Offers In Comprise.” Most people do not qualify the first time, but if you work with a tax lawyer it is very possible that they could help you qualify.
If you are in a bad financial situation (for example you lost your job) and are not currently working then it is possible that you could qualify for a non-collectible status. This basically means that you do not have the means or a way to pay your taxes. You, of course, have to qualify for this as well and yes you will need to talk to a tax attorney in order to help you qualify for a non-collectible status if that is something that you think you can qualify for.
Depending on how much you owe the IRS and how much you are making now it is possible you could file for bankruptcy if you are not making enough to pay off the amount that you owe the IRS. You would need to talk to a Tulsa tax lawyer if to find out if this option is right for you.
At Hanson Tax Law we are here to help you. If you have any tax questions or concerns please feel free to give us a call at (918) 409-0634.