How to Settle Your Tax Debt for Pennies on the Dollar

By: Kriss Standke
Submitted: 2007-01-17 16:17:34
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When you owe the IRS for back taxes, you probably owe a large sum. Most people who fall behind in their taxes, owe for more than just one year. When you owe back taxes, you know that the penalties and interest will end up costing you more than the original debt... usually MUCH MORE! These fees keep growing and compounding upon themselves only to get you deeper and deeper in debt! I'm sure that if you are reading this article that you are both in debt and you owe the IRS for past due taxes. I'm also sure that you know that this IRS Debt can not be discharged through bankruptcy. Luckily, there is still the option of Income Tax Debt Settlement!

What is Income Debt Settlement? It is a program offered by the IRS to people who find that they are unable to pay their overdue income taxes. This Income Tax Debt Settlement Offer is called "an Offer in Compromise" and can be completed by anyone who has outstanding tax debt. You can obtain the forms needed to do your own Debt Settlement Offer directly from the IRS by calling 1-800-829-2006 or 1-800-829-0115.

You may want to consider the use of an attorney or service that specializes in Income Tax Debt Settlement. They can save you time and money in going through this process. There are several requirements you must meet to qualify for this option. These specialized services and attorneys will help you determine if you will qualify or tell you what you need to do in order to qualify.

If you are considering bankruptcy, you may want to hold off until you complete the Income Tax Debt Settlement process. Being in debt will actually help you to qualify for the program! Once you apply and send in your offer, it takes up to 4 to 6 months to complete the process. Once you cave an accepted offer, you may file for bankruptcy on your other debt. After all, I assume you are trying to become debt free.

Good luck to you on your quest to financial freedom!

This article was written by Kriss Standke who is an accomplished Webmaster and publisher of 800-Tax-Help, Free Credit Report Today, as well as Credit Card Debt Consolidation Secrets where he provides detailed and informative articles, tips, and advice on Debt Relief, IRS Tax Settlement Procedures, and general credit issues.

Article source: Expert Articles

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