Tax Debt Help with an Installment Agreement, Offer in Compromise

The type of tax debt help that you turn to depends on your situation. Two common options are an installment agreement and offer in compromise. While you may think you know a lot about these methods of getting out of IRS debt, you probably don’t know all the details. So if you are interested in either option, you may want to consider hiring a professional so you can be 100 percent sure of the tax debt help that you are actually getting.

Installment Agreement

With an installment agreement you are agreeing to pay the IRS each month until your debt is gone. On top of what you owe, you will have to pay penalties and interest. A payment plan may not be the way to way settle tax debt, but it is surely the most common because the IRS is willing to offer it to most people.

Offer in Compromise

This is the type of settlement that every taxpayer would love. With an offer in compromise you are not paying your entire debt. Instead, you make an offer, and if accepted, you can settle for less than what you owe. Unfortunately, the IRS only accepts roughly 10 to 15 percent of the offers that they receive. This does not mean you should forget about an offer in compromise, but if you don’t quality you are better off saving the time and moving onto another method - such as an installment agreement.

Tax debt help is all about doing what is right for you and your situation. You can help yourself if you know what you are doing, or you can rely on the assistance of a professional. Either way, if you are in debt you should know that an installment agreement or offer in compromise can help you out.

Tax Debt Help
Help with IRS and State tax debt. The most detialed self help guides and connections to top tax professionals.