If I owe 000 altogether from the previous 3 years and am making low payments (arranged by them and agreed) and then suddenly someone wants to pay off my tax debt, will the government accept a lump payment to settle my debt of say 00 or something?
How do I go about asking for that?
Thanks
What is the best way to settle on tax debt? As in settlements for paying less then what you owe.
My parents made bad decisions young in there life and had a HIGH credit debt, to get out of it my mother worked a full time job and a part time & my father for more than 8 years had two full time jobs just so they could clear all that debt. Within the past year they got it down tremendously and for the first time in years my parents oonly have to have one full time job. But now because they were making more money the IRS came in and wants 30k of it. They just got a letter saying th IRS is going to start taking money from there bank accounts.
If any one has any advice please let me know, it is greatly appreciated!
(please no smart ass remarks like: pay your debt or pointing out what got them in this situation.)
I settled my debts with a few creditors in 2005 and 2006 tax years but was unaware I had to report the amount I saved as miscellaneous income. I moved a lot since then so I just received a bill for my tax debt from the IRS. Can I just re-file my returns for those years to include the settlements I left out?
Can I really settle my tax debt on my own? I don’t know much about the tax code. Is it better to hire a professional?
My son owes over 15K in back taxes because he hasn’t filed a return in 5 years. I can’t pay it (and I don’t think I should) and he can’t pay it in full. He doesn’t have a good job because he is still in college. Will this affect his financial aid? Also, what are his options to settle this tax debt?
I have a tax debt of about 10k. I can’t pay the amount in full and if I make payments I will end up paying a lot more because of interest every month. What can I do to settle with the IRS?
We got a large tax return this year in early February. We are now in the process of filing chapter 13 and have to provide 6 months worth of income history. Will the trustee consider our 5,000 tax return as part of our income? I know that they will take future returns. We actually had to file an amendment and now have to pay 2,700 of that back anyway, so it was really only 2,300 in excess. Also, can I include this tax debt in my repayment plan?
The TV ads that make it seem like people are settling their tax debt for pennies on the dollar, and saving their house or business. They must be forced to sell off all assets first and pay IRS — right? Seems like a scam.