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Get Some Quick Back Tax Relief

Are you completely overwhelmed because you owe back taxes and have no way to pay them? Are you living a nightmare that simply won’t go away? If so, then you need to figure out a way to get some back tax relief of it is at all possible. You do have some options that include setting up an installment agreement with the IRS, preparing an offer in compromise, filing your back taxes and somehow paying off what you owe in back your tax debt.

If you are filing bankruptcy, there is a chance that some of your back income tax debt may be eligible for discharge. Under Chapter 7 bankruptcy, you can have all of your allowable debts discharged. Chapter 13 bankruptcy allows you to pay back some of your debts by setting up a payment plan. In order for your income taxes to be discharged under either bankruptcy condition, you must meet five criteria. This criteria looks at the tax debts of a particular tax return and within a certain tax year. Your tax debt may be dischargeable if:

1.) The due date for filing a tax return is at least three years ago.
2.) The tax return was filed at least two years ago.
3.) The tax assessment is at least 240 days old.
4.) The tax return was not fraudulent.
5.) The taxpayer is not guilty of tax evasion.

There are other ways to deal with tax obligations if they fall between $10,000 and $25,000. If your situation fits this category, then your best bet is to hire a qualified tax professional to make sure that your original tax return is accurate. He or she will also be able to help you set up a reasonable payment plan if necessary. When looking for a professional tax advisor, make sure that he or she is a Certified Public Accountant, an Enrolled Agent or a tax attorney. People with these credentials can work directly with the IRS on your behalf. Make sure that you can afford whomever you select because their rates vary according to their title, experience and office location. A good tax professional will always look after your best interests and help you save money wherever you can. He or she will get you immediate back tax relief if it’s at all possible.

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