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How to Cope With IRS Debt

The last organization to which you want to be indebted is the government. The Internal Revenue Service has the power to garnishee wages, place liens on personal property, or at the very worst, arrest and prosecute you for nonpayment of taxes. No matter how large or small your debt to the federal government is, practical steps can be taken to minimize consequences should April 15 come, and you find yourself unable to pay your tax bill.

Instructions

    1

    Avoid debt in the first place. This may sound obvious, but many self-employed business owners fail to make their quarterly tax payments required by the IRS. Having the discipline to keep up with taxes owed avoids a surprise when filing your tax return at the end of the year.

    2

    Use your credit card or obtain a loan from a financial institution instead of setting up installment payments directly with the IRS. The IRS.gov website states, "The interest rate on a credit card or bank loan may be lower than the combination of interest and penalties imposed by the Internal Revenue Code." If this option makes the best financial sense for you, skip Step 3.

    3

    Deal directly with the IRS through an installment agreement. If you owe less than $25,000, you can complete an application using the IRS website or complete an Installment Agreement Request (IRS Form 9465). Amounts greater than $25,000 require a Collection Information Statement (IRS Form 433F). Complete the appropriate form and mail to the IRS.

    4

    Complete an Offer in Compromise Form (IRS Form 656). This form is basically a request to have your tax bill reduced. Don't get your hopes up though. Tax attorney Jeff Fouts says, "The IRS does not just roll over and offer you a sweetheart deal to settle large tax debt just because you file an Offer in Compromise request. If you think otherwise, you are fooling yourself."

    5

    Hire a tax attorney. If you still want to fight the amount the IRS says you owe, or you are simply unable to pay the amount and need protection from the IRS, contact a qualified tax attorney, who may be able to, depending on your individual situation, reduce the amount owed or prevent your prosecution for nonpayment.


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