It's their ball, and we're just renting it
Keep in mind, we do not control what the Government does and this is
true when it comes to tax situations. We cannot force them to accept a payment plan, or agree to any amount we present to them. And at times they just need revising.
We can only apply the rules,
complete the steps and do what we can; but remember, It's their ball,
and we're just renting it. And when it comes to the Government and what they want to do, we make no guarantees!!
We all need help at certain times
Though most dislike it, we all have to pay taxes. The rich and the poor alike. And its what keeps the country running. Some pay more than others, some complain about how much they pay and some complain about how little others pay. And such is the world of Taxes in the United States and Abroad.
There are cases when you may owe what you may refer to as "more than your fair share of taxes," due to resulting interest and penalties involved, and have managed to create quite-a-burden; the surmounting tax debt in some cases, quite capable of building your own little mountain made of cash. Of course, with this mounting burden, comes stress, headaches, panic attacks. Trying to figure out how to fix this problem. And this would be normal thinking.
In the end, well, at times, you have to sit back, take a breather, so-to-speak, and just put up your hands and say I NEED HELP!! We all do it in one form or another. And when it comes to income tax debts, this is where we come in!!
What Options Do I have?
Every case will be different and of course no two tax situations the same; however, based on our experience you have a lot of options. And the most logical solutions may be the ones you haven't even considered.
This is just a summary of the available options. Without knowing more about your situation, and other factors, this is used as an example only. Some solutions may not be available for all taxpayer's or may not be the most logical to resolve their tax problems.
Bankruptcy
Not always the cure-all for tax problems, and perhaps not, depending on your tax situation, being the best
one either.
A bankruptcy can stay on your credit report for 10 years;
but of course then again, a triple-by-pass due to mounting stress, can last a
lifetime.
Many options are available that include:
Chapter 7
Personal bankruptcy that generally will relieve you of all tax debts without future payment plans. There are various qualifications that you must meet to qualify for inclusion of the tax debts.
Chapter 13
Woks like a Chapter 7, but you will have to make payments to the Bankruptcy Trustee for a given number of years. There are various qualifications that you must meet to qualify for inclusion of the tax debts.
Chapter 11
Business Bankruptcy which may or may not include payment plans to the Bankruptcy Trustee. There are various qualifications that you must meet to qualify for inclusion of the tax debts.
We can help you with these areas and discuss options as well as work with your Attorney, and Prepare necessary tax returns that the Bankruptcy Court requires.
Get your bankruptcy tax questions answered now: Ask a Bankruptcy Tax Question Now!!
Offer In Compromise Arrangements
In situations where you owe an extreme amount of tax debt, though, without more knowledge of your financial situation, there is really no logical figure we can put on it, this can be the best possible option for you.
Depending what you owe, this also may not be the most logical one either. This may be true in cases where the debt is not very large. As with all situations, this will of course depend on your financial picture as well as other factors.
Payment Plan Arrangements
This works generally well for those that may need short-term assistance to pay off their tax debts. And with people whom don't don't have a lot of disposable income; yet they don't owe a lot of debt either.
In such cases, this may be the only feasible option that the Government is willing to accept anyway.
