I cannot pay my taxes
Every day, good people find themselves unable to pay their taxes. It’s important to keep in mind that those who cannot pay their taxes are not criminals. The IRS has several tax reduction programs to help taxpayers become square with the system once again without claiming bankruptcy. Unlike bankruptcy, these tax reduction programs will not affect your credit score, nor leave you penniless. Tax resolution can be a long process, but it is always worth it to find tax relief. We’ve found that when individuals solve their tax problems, their entire lives change.
We weigh all possible options with your situation and the IRS’s needs to find the best solution. We look at Offers in Compromise, amending tax returns, audit reconsideration, innocent or injured spouse programs, Section 6015 equitable relief, penalty relief, bankruptcy, and several types of installment agreements which have the potential to reduce your tax debt.
Tax Reduction Programs
Offer in Compromise (OIC)
Lots of companies advertise tax reduction programs offered by the IRS. The most widely advertised program is called an Offer in Compromise (OIC).
If you choose to use an OIC to reduce your tax bill, you’ll need to gather financial information and prepare IRS Forms 433-A (OIC) and 656. You can prepare the forms and represent yourself. Be aware, the form preparation is complex and requires some planning. You will also sign the forms under penalty of perjury, so we recommend hiring a knowledgeable professional to get it right.
Currently Not Collectible (CNC)
Other alternatives exist like the Currently Not Collectible (CNC) TC530 Code. If utilized, you may be able to delay paying your tax bill for a while until your income rises or the statute of limitations runs out.
Innocent Spouse Relief
Some spouses or ex-spouses find themselves tied to an incorrect tax return filed by their spouse or ex-spouse. If this is your situation and you do not believe you are responsible for the newly owed taxes or misdemeanors tied to tax evasion, contact us today.
Do you Have Questions?
We want to help you find the best program for reducing your tax debt. We recommend avoiding bankruptcy since the best tax reduction programs should not affect your credit score. We have additional information to share about tax reduction programs. Please let us know where to forward additional information.