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Best Tax Debt Strategies

There are really only five ways to get out of back taxes that you owe to the IRS:

  1. Filing Bankruptcy: Filing for Chapter 7 or 13 bankruptcy will typically allow you to get rid of your owed tax debt to the IRS. The big issue with bankruptcy is that your credit will be hurt and just about any bank or lender will not lend to you until the bankruptcy is erased off your credit report, which takes 7 years.
  2. Not Current Collectible: This option is where the IRS agrees to not collect or garnish your wages for a set period of time, ranging from 6 months to 1 years.
  3. Offer in Compromise: A popular program used in IRS tax settlement relief to settle your tax debts for less than the owed balance. This option involves either making a one time lump sum or a few payments to pay off the tax debt at a reduced amount.
  4. Installment Payment Agreement: The installment agreement plan allows you to pay off the IRS on a monthly plan.
  5. Partial Payment Installment Agreement: Similar to an Offer in Compromise, but this option allows you a longer term payment plan to the IRS at a reduced amount.

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