If you’re one of the millions of Americans struggling with tax debt, you may be feeling overwhelmed and unsure of what to do next. The good news is that there are options available to help you get back on track. At 1st United Tax & Accounting, we specialize in tax debt resolution and can help you find the best solution for your unique situation. Here, we share four top tips for tax debt resolution:
Talk to a Professional
If you’re struggling with tax debt, the first step is to talk to a tax professional. They can help you understand your options and find the best solution for your situation. Often, they can also negotiate with the IRS on your behalf to reduce or eliminate your debt.
Create a Payment Plan
If you’re unable to pay your tax debt in full, you may be able to create a payment plan with the IRS. This will allow you to make monthly payments towards your debt and can help make it more manageable.
Consider an Offer in Compromise
If you’re unable to pay your tax debt and don’t qualify for a payment plan, you may be able to negotiate an offer in compromise with the IRS. This means that you would agree to pay a portion of your debt, and the IRS would forgive the rest.
Stay on Top of Tax Returns
One of the best ways to avoid tax debt is to stay on top of your tax returns. Make sure you’re filing and paying on time, and that you’re accurately reporting all of your income. This will help you avoid penalties and interest, and can save you a lot of money in the long run.
If you’re struggling with tax debt, don’t hesitate to reach out to the experts at 1st United Tax & Accounting. We can help you find the best solution for your unique situation and get you back on track. Contact us today to learn more or schedule a consultation.