What To Do If You Find Out You Owe Money to the IRS
Discovering that you owe money to the Internal Revenue Service can be stressful and overwhelming. However, it’s important to stay calm and take action promptly. This guide will walk you through the essential steps to address your tax debt and protect your financial wellbeing.
- Don’t Panic – There is no guarantee that you have to pay ALL of the debt.
The amount that it says you owe may not be the amount you end up paying. In fact, sometimes professional tax resolution expert like us at Frazier Gills, may be able to get that debt completely wiped out.
But you won’t know unless you reach out to us so we can investigate.
- Don’t ignore it
The worst thing you can do upon receiving a notice from the IRS is to ignore it. The IRS offers several payment options and programs to help taxpayers manage their tax debt. The key is to respond quickly and maintain open communication with the IRS.
Working with the IRS for you is exactly what we do here at Frazier Gills.
- Verify the Amount Owed
Before taking any action, carefully review the notice you received from the IRS. Check that all the information is correct, including:
– Your name and tax ID number
– Tax year in question
– Income reported
– Deductions claimed
– Tax calculations
If you spot any errors, gather supporting documentation and contact the IRS immediately to dispute the amount.
We can also do all of that for you.
- Explore Payment Options
The IRS offers several payment arrangements to help taxpayers settle their debt:
– Full Payment
If you can pay the full amount, this is the best option to avoid additional interest and penalties. You can pay online through the IRS website using direct debit, credit card, or electronic funds transfer.
-Installment Agreement
If you cannot pay the full amount immediately, you can request a monthly payment plan. The IRS generally approves installment agreements for taxpayers who owe $50,000 or less and can pay the debt within 72 months.
– Offer in Compromise
In some cases, the IRS may accept less than the full amount owed through an Offer in Compromise. This option is typically available to taxpayers who can demonstrate that paying the full amount would cause significant financial hardship.
Dealing with the IRS can be confusing. Let us make your life easier by taking care of all of I for you.
- Consider Professional Tax Help
Tax matters can be complex, and the stakes are high when dealing with IRS debt. Our experienced tax professionals can:
– Review your tax situation comprehensively
– Identify potential deductions or credits you may have missed
– Negotiate with the IRS on your behalf
– Help you select the most advantageous payment arrangement
– Ensure compliance with all IRS requirements
– Protect your rights as a taxpayer
- Take Action Today
Don’t let tax debt overwhelm you. Contact our team of tax professionals today to discuss your situation. We’ll help you understand your options and develop a strategy to resolve your IRS debt efficiently and effectively.
Our experienced staff has helped countless clients successfully navigate IRS debt issues. We can handle all communication with the IRS on your behalf, giving you peace of mind and a clear path forward.
Call us today at (214) 337-5000 or visit fraziergills.com to schedule a consultation. Let us help you take control of your tax situation and find the best solution for your needs.