Not getting a tax refund is bad enough, but finding out you owe a lot more then you can afford is even worse. So, what do you do? Tax attorney Mary King, says not to panic.
If you can’t pay your taxes, there are several options to work with the IRS to resolve your tax issue. The first is what they call an installment agreement. You make monthly installment payments toward your tax debt. The second is what’s called an offer in compromise. And this is where you settle for less and it may be your best option depending upon your financial situation.
According to irs.gov, offers in compromise are generally approved when the amount offered represents the most they can expect to collect within a reasonable amount of time. An experienced and qualified tax attorney can help you come up with a plan you and your bank account can live with. The law office of Mary E. King, P.L., offers complete IRS problem solving services including all areas from tax return preparation and tax debt settlement to planning the most efficient tax strategy for individual and businesses.