You have to prove what you’re saying,” Burnette said. “It’s not just a simple online application.”
Ultimately, the best course of action for individuals facing tax debt is to be proactive and seek help from a financial advisor or tax professional.
“The IRS is a lot more user-friendly than they have been in the past,” Burnette said. “They’re not as quick to levy or garnish wages or put a lien on your property.”
But it’s still important to address the issue head-on and not ignore it, as the consequences of unpaid tax debt can be severe.
“The IRS is a formidable foe. You don’t want to mess with them,” Sandberg said. “It’s not a battle you’re going to win.”
So, if you find yourself in a situation where you cannot pay your taxes, consider exploring the IRS hardship program or other options available to you. Remember, being proactive and seeking help early on can make a significant difference in resolving your tax debt issues.
Don’t let the stress of unpaid taxes weigh you down – take action today to alleviate the burden and get back on track with your finances.
For more information on the IRS hardship program and other tax debt relief options, consult with a financial advisor or tax professional to determine the best course of action for your individual situation.
Remember, it’s never too late to take control of your financial future and make a plan to tackle your tax debt head-on.
Tax debt can be a daunting and overwhelming problem for many individuals. The thought of owing a large sum of money to the IRS can cause stress and anxiety, especially when it seems impossible to pay off the debt in a reasonable amount of time. This is where the offer in compromise program comes in.
According to tax experts, the offer in compromise program is designed for individuals who have a significant amount of tax debt that they are unable to pay in full. It allows taxpayers to negotiate with the IRS to settle their debt for less than the full amount owed. This can be a lengthy and expensive process, and individuals may need to hire a tax expert to help them navigate through the complexities of the program.
However, the offer in compromise program can make a significant difference for those burdened with a large tax bill. By negotiating with the IRS, individuals may be able to reduce their debt from, for example, $100,000 down to $50,000. While there may be fees associated with the program, the potential savings can make it worthwhile for individuals struggling with overwhelming tax debt.
One crucial piece of advice from experts is to always file your taxes, even if you know you won’t be able to pay the full amount owed. Failing to file can result in additional penalties, so it’s essential to submit your tax return on time. By being proactive and reaching out to the IRS to discuss your situation, you may be able to prevent the agency from taking drastic measures to collect the debt.
Dealing with the IRS can be intimidating, but it’s important to take action if you know you can’t pay your taxes. The offer in compromise program is just one option available to individuals facing significant tax debt. By exploring different avenues for resolving tax issues and seeking assistance from tax experts, you can work towards finding a solution that eases the burden of owing money to the IRS.
