If you are trying to resolve your IRS taxes owed, you might wonder how other people have handled themselves in similar situations. Read on for real testimonies from firm clients and what they did to solve their irs taxes owed.
Option 1 – Reach out to the IRS
Some people think that they can avoid problems and make them go away. However, ignoring an IRS taxes owed, generally only serves to make it worse. Call a revenue officer or ACS, who will likely ask for detailed financial information, that shows your ability to pay. The IRS may also ask how you can fully pay the IRS taxes owed, by borrowing money, or putting the IRS taxes owed on a credit card. Please find more information on IRS Taxes Owed here.
Here’s what our client, Selena P., had to say about her IRS taxes owed before calling us:
“IRS problems can be very daunting and I was literally losing sleep over the constant worry of how I was going to deal with this nightmare. I was on a payment plan with the IRS trying to pay off back taxes, which seemed like a never ending battle because of penalties and interest accruing on the account. To make matters worse, I lost my job in 2012, so my 401K loan defaulted.” Selena P.
Option 2: Talk to an Expert about Payment Options
Our office can review your eligibility for different programs, such as offer in compromise or installment plan, but you will need to prove that you are suffering from hardship with bank statements and financial documents. The IRS will want to see bank statements and other support for your claims of hardship.
Before working with us, Bret and Victoria H. were on the verge of losing their house:
“My wife and I were very upset and didn’t know where to turn when the IRS was forcing us to pay a tax liability of $15,000. Subsequently, the IRS filed a lien on our house.” Bret and Victoria H.
Meanwhile, the Highland Tax Group saved Paula B. more than 95 percent of her original tax bill. Bear in mind, of course, that each case is different, and results cannot be guaranteed. Paula and her husband had a documented history of working with the federal agency, and they negotiated a payment with the IRS based on their ability to pay.
“At the time we hired HTG, we owed had an IRS taxes owed of over $70,000. Mike was able to settle our account with the IRS for $2,600.00.” Paula B.
Option 3 – Be Up Front about Your Difficulties
Do not try to hide income or minimize your situation. Instead, disclose your finances to the IRS in order to reach the best possible outcome. You might have claimed some deductions that you thought were legitimate.
For instance, Martin O. shared his difficulties stemming from identity theft:
“I had a $70,000 tax liability stemming from an identity theft issue. In other words, I filed my return, received a refund, and then received an IRS bill for $70,000 because someone else had stolen my identity. Mike was able to mitigate the entirety of the IRS taxes owed, as well as the penalty and interest.” Martin O.
Call Our Office
If you are unsure what to do in relation to your IRS taxes owed, contact our office at 720-398-6088 for a free consultation. Our professionals understand the ins and outs of complex IRS issues.