Owing the IRS can be challenging and intimidating for taxpayers. Fortunately, the tax code provides several tax relief options to help people who might find themselves unable to pay the IRS. If the IRS claims you owe $25,000 or more, contact our Fort Lauderdale-based tax relief firm for a consultation to learn about your tax debt relief options.
Here are some tax relief options for resolving tax debt:
Installment Agreements
Set up monthly payments to manage your tax debt more effectively. This option allows you to pay off your debt in manageable installments rather than a lump sum.
Offer in Compromise (OIC)
Settle your tax debt for less than the full amount you owe. This option is available to those who qualify based on their financial situation.
Penalty Abatement
Remove or reduce penalties for those who qualify. If you meet certain criteria, you can get relief from some or all of the penalties imposed by the IRS.
Innocent Spouse Relief
Shield yourself from being held responsible for the tax liabilities arising from your spouse’s actions. This option is available if you can prove that you were unaware of the discrepancies that led to the tax debt.
Currently Not Collectible (CNC) Status
Temporarily halt IRS collection activities if you’re facing financial hardship and qualify for this status. This provides temporary relief while you get back on your feet.
It’s crucial to find the best solution for your individual situation. Unless you have experience in this area, it’s advisable to consult with tax relief professionals who can provide personalized advice based on your unique financial circumstances.
If you owe over $25,000 to the IRS or have unfiled tax returns, give us a call at (954) 715-7285 for a free, no-obligation consultation to see which of the above programs you qualify for. Alternatively, you can set up a meeting on our calendar at Jablonsky Tax Relief.
We’re here to help you navigate your tax relief options and find the best path forward.