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Home> Income Tax Guide

Tax Debt

Tax debt is always stressful. The common strategies for getting out of debt include
1. Installment agreement: a monthly payment plan for paying off the IRS.
2. Partial payment installment agreement: a fairly new debt management program where you have a long term payment plan to pay off the IRS at a reduced dollar amount.
3. Offer in Compromise: a program where you can settle your tax debts for less than what you owe. Requires making a lump sum or short term payment plan to pay off the IRS at a reduced dollar amount.
4. Not currently collectible: a program where the IRS voluntarily agrees not to collect on the tax debt for a year or so.
5. Filing bankruptcy: discharge your tax debts under the strict rules of a Chapter 7 or 13 bankruptcy petition.
Always do a thorough research or seek professional help when dealing with tax debt.