Settling Your Debt with the IRS—3 Important Tips

Has the IRS been in touch plenty of times to urge you to pay your back taxes? Have you been procrastinating on repaying your tax debt? You shouldn’t ignore their correspondences. Your income, properties, and even your freedom are at stake.

Finally facing your liabilities may be intimidating, but it can be manageable when you take things one at a time and get help from the right people, especially a tax lawyer. Here are three things you must do when attempting to settle a debt with the IRS:

Sense the urgency, but don’t panic.

You may have endured persistent collection efforts (and make excuses every time), or perhaps, you were given a deadline you know you can’t meet. These should make you realize how serious the IRS is in pursuing those with tax debt. Don’t let the urgency frighten you though, so you can think straight about what to do next.

Survey your options, but don’t overwhelm yourself.

People with liabilities to the IRS have several options in repaying their tax debt, but each of them has distinct eligibility criteria, advantages, and drawbacks. It can certainly be confusing and difficult to decide. Refer to the next tip.

Seek help from professionals, but don’t fall prey to scams.

A skilled tax lawyer can take a bit of the stress out of your situation. He/she will be honest about your options, help you understand what’s applicable to your circumstance, and help you get the best outcomes from settling your debt.

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