Reduce IRS Tax Debt

Falling behind on income tax payments is almost always a very bad idea. Not only will you owe the government money, the government eventually will catch on and hit you with a bill for what you didn’t pay with interest. And, oh, the longer you delay, the worse the consequences.

Fortunately, the IRS will sometimes work a deal with those who can demonstrate that they couldn’t pay taxes because they didn’t have the money, not because they were hellbent on cheating the government. For those who want to settle their tax debt but are so strapped that they can’t immediately pay what they owe, the IRS offers options. You need to understand the options and choose a strategy that works for you.


Work with a Tax Professional

Hiring a tax professional or attorney to help you with your compromise application is worth investigating. If your dispute with the IRS is complicated and the amount of back taxes, interest and penalties is high, it might be best.

As a rule of thumb, if your debt is less than $10,000, it’s usually best to contact the IRS yourself to try to arrive at a payment agreement. If your debt exceeds that amount but is less than $25,000, you should probably seek advise of a lawyer or tax pro. If it’s more than $25,000, contact a professional to assist in settling your tax debt.


Installment Plans

Installment plans are like home mortgages, but instead of paying a lender every month, you pay the IRS every month.

  • You are up to date in filing tax returns
  • Your state income taxes and late fees are mostly paid
  • You can make the monthly minimum payments that the IRS requires
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Penelty Abatement
It allows a first-time noncompliant taxpayer to request abatement of certain penalties for a single tax period.
Negotiate With IRS
It is possible to negotiate with the IRS by yourself, however, we wouldn’t recommend it - Especially If you owe more than $10,000 or you’re facing a tax audit.
Partial Pay Agreements
Similar to a regular installment agreement where you make monthly payments to the IRS for taxes owed. However, you are only paying back part of the taxes you owe over time.