If you can't pay for tax liability or if paying would cause financial hardship you may be able to come to a compromise with the IRS.
Tell me more--
An "Offer in Compromise" is a mutually beneficial agreement between you and the IRS to settle your tax debt for less than you owe.
To apply for an offer in compromise you must pay a fee of $205 however if you are low income you may qualify to waive the fee.
The IRS will consider your income, expenses and asset equity when reviewing your eligibility for a compromise.
Here is a booklet that covers everything: click here
And here is a video that covers everything: click here
Do you qualify?
Use this IRS tool to find out if you qualify: click here.
What to do?
Read through booklet. Towards the end of the booklet it tells you which form you will need to fill out. Then you'll send the filled out form and fee to the IRS
The booklet has a checklist and all the forms included to make it easy for you to complete this process.
We hope this helps
Taxes are a guarantee of life. However, there are ways to alleviate tax burdens. No one likes filling out forms but it's a lot better than going through financial hardship due to tax burdens. Check out the booklet + video to see if this is an option for you.
Please reach out if you have any questions.