.Tax debt and tax liens are different things. Tax debt is the money that you owe either to the state or the IRS. When you fail to pay the tax due on your federal income tax return in full by the due date, tax debt is created.

Often times, people forget to pay or file taxes, there may be an error on your taxes or the IRS believes there should be a change to your taxes and money is owed as a result. All of these things can create tax debt. You are not alone if you have tax debt and owe money to the IRS.

Every year, hundreds of thousands of Americans end up in debt to the IRS because of tax related issues and errors. Owing the IRS money can be anxiety inducing and stressful, especially if a lien or levy is placed on your assets or property. But you’re not alone – there are options to resolve tax debt and help navigate through this process.

What is tax debt? 

If you have forgotten to pay or file taxes, had a mistake on your taxes or the IRS says you owe money as a result of a change to your taxes, this all qualifies as tax debt.

Over 11 million American owe back taxes and this number changes daily. The IRS provides ways for taxpayers to resolve their debt. There are options to file a corrected return, penalty abatements, installment agreements or Offers in Compromise (OIC).

It is important to communicate with the IRS and respond to correspondence that is sent to the taxpayer. Penalties and interest often accrue so it is critical to reply in a timely manner. These issues can often be frightening and overwhelming and sometimes it is helpful to receive advice from a tax professional.

What happens next? 

So, let’s say you received a letter from the IRS or realized you forgot to pay your taxes, what do you do next? Many people panic and ignore the issue. Although, this may seem like a good option at the time, it does not resolve the problem and can just compound the issues. You do have options available to you. You can pay the taxes due, establish payments plans, request tax abatements or file for an Offer in Compromise. Getting advice from a tax professional is always an option as well.

One solution: An Offer in Compromise? 

An Offer in Compromise (OIC) is one avenue to relieve tax debt. People who owe money on their taxes can work out a deal with the IRS through the Offer in Compromise program. It is important to know that certain requirements must be met in order to be qualified for this program. Completing these OIC forms on your own can be confusing and add to an already stressful situation. We have tried to simplify this process for you and have a very cost-effective solution to assist with filing an Offer in Compromise (OIC).

This is a step-by-step easy to follow guide that will walk you through the forms necessary to submit an OIC and get started on freedom from worrying about tax debt. For a very reasonable cost of $299, you can purchase this DIY guide to complete the necessary IRS forms and submit an OIC. To find out more about the OIC from the IRS, go to IRS Tax Debt.

Click HERE to purchase this fast track to debt relief today!