Five Tax Settlements to Consider if You Owe the IRS

The number of online searches for tax problem solutions in Las Vegas, NV tends to skyrocket around tax season. It’s a sign that many people know they’re going to have issues with their filings, but aren’t sure what options are available to them when it comes to sorting problems out. Luckily, there are more than a few ways to get right with the IRS. Let’s take a look at five of them:

1. Offers-in-compromise: If you end up owing huge penalties and can’t possibly pay them off, an offer-in-compromise could be a solution that’s amiable for both you and the IRS.
2. Installment plans: Saddled with a debt you can’t pay off all at once? An installment plan can help you from incurring more penalties, while keeping you on track to alleviating your dues.
3. Innocent spouse relief: If you’re married and you’ve inherited tax problems from your spouse, it’s important to explore your option for innocent spouse relief. A tax professional can help you navigate this process.
4. File bankruptcy: This is a last and worst case scenario, and one that should be avoided at all costs, yet it’s one that could alleviate you of your debt. Beware, however, filing for bankruptcy will ruin your credit for the next seven to 10 years.
5. Wait out the statute of limitations: The IRS has 10 years to collect unpaid taxes and penalties—after that, you’re in the clear. If you’re near the end of that statute, it might be possible to wait it out.

The best way to explore your possibilities for tax problem solutions in Las Vegas, NV is to consult with a professional. The team at Dan Randall and Associates is standing by to help you!

Categorised in: Tax Problem Solutions

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