Owe Money to the IRS? Do These 3 Things in January 2020

January might seem like an odd time to tackle IRS debt, but it’s only understandable to want to start the new year with a clean slate. Thankfully, it’s not too late to get your debt situation under control.

  1. Get Started on Your Offer in Compromise

Depending on your situation, an IRS offer in compromise could help you settle your debt for far less than you owe. These offers take quite some time to complete, however. The sooner you get started the better. At minimum, plan to keep the OIC pre-qualifier before the new year gets too far ahead of you.

  1. Set Up an Installment Plan

As you analyze your finances and get ready in the new year, consider setting up an installment plan with the IRS. This will help you tackle your debt little by little while also avoiding a variety of penalties. A wide range of options are available, including both short and long-term plans that allow you to handle your debt on your preferred timeline.

  1. Seek Professional Assistance

Give yourself the gift of relief. Instead of spending the first few days of the year stressing over your tax burden, you can take solace in knowing that a trusted tax resolution service has your back. Your advisor can help you with everything from setting up a favorable installment plan to securing an offer in compromise. Additionally, professional assistance could make it easier to establish your account as “currently not collectible,” thereby allowing you to temporarily sidestep levies and other common consequences.

It’s time to stop procrastinating on your tax debt and get your financial situation under control. Thankfully, you don’t have to go it alone. Contact the Highland Tax Group today to learn how you can resolve your IRS concerns with help from a respected tax resolution service.