Tax debt is probably one of the most stressful types of debt you’ll ever have to deal with. Tax debt can and will put your assets, bank accounts, and even your paychecks at risk. The IRS will find a way to collect the money you owe them; this is why it’s very important that you take the steps necessary to resolve your tax debt issues as soon as possible.
Working with Rebound Finance means that you’ll have a tax professional in your corner, They’ll be able to guide you and provide you with the solutions you need to pay off your tax debt.
The Tax Debt Relief Program
If you’re dealing with any of the following tax debt situations, get in contact with us right away and we’ll match you with a tax expert who can help you get the relief you need:
- If you owe back taxes to the IRS or a state government
- If your wages are being garnished
- If you need help dealing with a tax lien
- If you have tax penalties on your credit report that you want to settle or dispute
Your Tax Debt Relief Options
There are several options you can choose from when dealing with tax debt. Depending on your income, employment status, and nature of your debt, some debt relief options will be a better fit for your situation than others. To help you determine what the best course of action is, we can’t recommend enough that you work with a professional.
The great news is that you don’t need to deal with your tax debt alone. We can help you find a tax professional who can create a plan of action, find the best debt relief option for your unique situation, and help you finally get your finances back on track.
File for “Currently Not Collectible” Status
If paying back your tax debt or having your wages garnished because of tax debt would cause serious financial issues for you, you may want to consider filing for Currently Not Collectible (CNC). This status will prevent the IRS from collecting the money you owe them until you are able to financially recover and start paying back your tax debt.
Installment Agreements (IA)
If you’re only dealing with one year’s worth of tax debt you may be able to participate in an installment agreement with the IRS. A repayment plan will be set up and you’ll make payments to the IRS until you are tax debt free. If you have several years worth of tax debt then you may also be able to consolidate into one single payment.
Offer in Compromise (OIC)
If you simply have too much tax debt and can’t afford to pay it all back, an Offer in Compromise might be a good option. This option will allow you to settle with the IRS for less than you owe, it’s a form of tax settlement.
Tax Debt Forgiveness
Finally, there is a chance that you could qualify for tax debt forgiveness. This option is rare, but for those in specific situations, it will allow you to avoid paying off your tax debt.
Get the Help You Need Now
Did you know that your tax debt will increase with time? Unpaid taxes incur both penalties and interest. This means that every month you do not pay your back taxes you’ll be charged a penalty anywhere from 0.5% to 25% as well as interest on your total tax debt. For these reasons, it is imperative that you seek help before your tax debt gets out of hand. Contact us today and get the tax debt help you need.