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delay payment, or settle!

If you can’t pay your taxes in full within 120 days, the IRS also offers options to help manage your balance:


A long-term payment plan, also known as an installment agreement, is best if you need more than 120 days to resolve your balance. Note that these payment plans can add penalties and interest to your debt and are only available if you owe less than $50,000, including penalties and interest.


You can temporarily delay payment on a tax debt if you can prove that paying the debt would prevent you from affording your basic living expenses. Debt will accrue interest and penalties.


The “offer in compromise” approach can help you resolve the debt with the IRS for less than you originally owed. You’ll have to prove paying the debt would cause financial hardship to qualify. This form of can help you manage an unaffordable tax burden.


There are ways to get rid of penalties which can save you hundreds or thousands of dollars.


In order to help taxpayers that are being subjected to tax problems because of their current or former spouse’s actions, the IRS has allowed for different types of spousal relief. This means that if your situation fits within the guidelines, you may not be responsible for the tax problems caused by your current or former spouse.

Downsides of Not Resolving Tax Debt

Although it can be tempting to simply ignore your tax debt if you know you have no way to pay it, especially as the IRS technically cannot collect a tax debt after 10 years, going this route will ultimately cause more problems than taking the initiative to discuss your options with a tax professional. Some of the primary downsides include:

  • Your tax debt will be sent to collections
  • You lose any tax refund money you may otherwise be eligible for
  • Additional interest being charged on your tax bill
  • Levies on your income, bank account, or other assets
  • A potential impact on your credit score if your debt is from earlier than April 2018 or a lien is filed against you

Avoid these potentially devastating downsides by setting up a FREE consultation today 562-646-6185.