Options When You Owe Back Taxes

Do you owe back taxes and are you getting tired of the sleepless nights? Do you cringe every time the phone rings, or delay getting the mail because you are afraid of what may be in the mailbox? Well, you are not alone. There are millions of Americans who owe the IRS money and suffer the very same indignities and stress that you do. The IRS is a formidable organization and they have the tools to make your life absolutely miserable as they can seize all or part of your assets (wages, bank accounts, real estate etc). If your reasons for not being able to pay those back taxes are absolutely legitimate and beyond your control, sometimes the IRS will understand.

It sounds like when you IRS back taxes the ball game’s pretty much over right? Well, nothing can be further from the truth. You have options when you owe back taxes and need to research the best solution based on your problem. Here are a few of your options:

1) You can contact the IRS for help in paying your back taxes or resolving any enforcement actions you are experiencing (tax levy, tax lien)

2) You can try to research the angle and solutions to pursue to resolve and/or settle your back taxes.

3) You can work with a tax professional team comprised of former IRS officer and agents, tax attorneys and CPAs to quickly resolve any IRS enforcement collections and settle your taxes.

In reviewing these options, option 1, or contacting the IRS is not the best option as they are not going to tell you all of your possible options to settle - after all they want their money. In other words, they will give you options that best meet the goals of the IRS, not yours.

Option 2 or trying to research the best trusted tax solutions and resolve your back taxes with the IRS is not a bad option. If you have the time and resources you can understand your rights as a taxpayer, and the possible solutions to settle and resolve your back taxes yourself. However, if you owe over 7.5k in back taxes it is best to work with a tax professional (CPA, Tax Attorney, former IRS officer) because they can normally obtain a better settlement percentage or reduction in your taxes than you can. If you are simply seeking a Payment Plan and you don't want to settle this is a great option because you can easily get the forms to request a payment plan or Partial Payment Agreement.

In considering option 3, calling in a tax professional so their experts can assess your situation and develop the best game plan for your particular situation is a great option especially if you have over 7500 in IRS and State back taxes. In considering a tax professional or back tax resolution company it is best to work with a company that has a diverse team (tax attorneys, CPAs, former IRS agents), no retainer fees (no money you deposit first), fast-refund policy, and years of experience. Tax professionals will not only make the process happen fast, but they usually obtain very strong outcomes or settlements.

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