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We Recommend You Look Into Tax Debt Relief

We recommend tax debt relief because you are looking to resolve your tax debt today. Keep in mind that in order to qualify for most tax debt companies, you must owe at least $7,500 in taxes.

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How It Works

When you owe money to the IRS, you don’t necessarily need to pay it all off at once; instead, you can work with a tax debt relief company. These companies typically approach tax debt in two ways, and will usually offer a free consultation to help you decide which approach is best for you:

  1. The first is to figure out a payment plan (known as an installment agreement) with the IRS. An installment agreement will allow you to pay a portion of your tax debt each month until the debt is paid in-full.
  2. The second approach to tax debt is tax settlement, or an offer in compromise. Settling your tax debt can be difficult to qualify for, and the process is very complex.
Pros of an Installment Agreement Cons of an Installment Agreement
  • You don’t have to pay your entire debt upfront.
  • May be able to buy you time while you come up with a way to pay off your debt in-full
  • Interest rates of an installment agreement are lower than taking out a loan.
  • You will have an individual plan that best suits your financial needs.
  • Interest rates quickly accumulate.
  • Penalties may accrue (including prepayment penalties).
  • Usually must have less than $25,000 in debt to qualify
  • If you miss one payment, you may go into default.

 

Pros of Offer In Compromise Cons of Offer In Compromise
  • The amount you owe to the IRS is significantly lowered.
  • Good option for people who owe a large amount of money to the IRS (typically over $25,000)
  • Collections are suspended while you are negotiating an offer in compromise.
  • You stay out of bankruptcy.
  • Is it difficult to qualify for (must owe a large amount and show you don’t have the means to pay what you owe).
  • Program may take several years.
  • Cannot resolve state taxes.
  • Will be kept on public record for at least one year.
  • You must make a full financial disclosure to the government.

Top Tax Debt Relief Companies

We recommend working with one of the following Tax Debt Relief companies:


tax-defense-networkTax Defense Network

  • 3-Day Money-Back Guarantee
  • No minimum tax debt to sign up
  • In business since 1997
  • Accredited with the BBB
  • Handles Installment Agreements and Offers in Compromise


Optima Tax Relief

  • 15-day Money Back Guarantee
  • Must have at least $10k in tax debt to sign up
  • In business since 2010
  • Accredited with the BBB, NATP, and more
  • Handles Installment Agreements and Offers in Compromise


StopIRSDebt.com ReviewsStopIRSDebt.com

  • Partial refund policy
  • Must have at least $10k in tax debt to sign up
  • In business since 2003
  • Accredit with the BBB
  • Handles Installment Agreements and Offers in Compromise


Want to compare more tax debt relief companies? Check out our entire list of tax debt relief companies.

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  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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