The Mental Health Benefits of Addressing Your IRS Debt with an Offer in Compromise
Many people underestimate the extent to which debt plays into modern mental health concerns. A growing body of research indicates that issues such as clinical depression and anxiety are more common among adults with significant amounts of persistent debt. Tax debt, in particular, makes people feel ill at ease, given the potential severity of the consequences, not to mention the inescapable nature of the IRS.
While many options allow you to address debt and limit related stress, most involve ongoing management. Installments, for example, can help, but they certainly won’t get you out of the agency’s grasp anytime soon.
Why an IRS Offer in Compromise?
A few IRS solutions stand apart as options that can reduce your stress and improve your mental health. Arguably the best? The IRS offer in compromise (OIC), which helps you settle your obligations to the IRS for less than you actually owe. The process of getting an offer approved can be stressful, but the aftermath is more than worthwhile: the feeling of wiping the slate clean.
If accepted, the offer in compromise also provides a unique feeling of power — finally, you have control over your tax situation. At this point, you’ve faced your fears and come out the other side. You’ll be glad to start fresh, but you’ll also know that, should future issues arise, you can weather the storm with help from a tax professional. What’s more, there’s no denying the appeal of a good deal, as you’ll potentially shave a significant sum off of your total tax bill.
Are you ready to experience the relief that an accepted OIC can provide? Our team at the Highland Tax Group can keep the stress of applying to a minimum. Contact us today to learn how we can help you every step of the way.