Paying your taxes is the one thing that you should not miss. As a responsible citizen of the country, you must pay all your taxes on time and do not keep anything in debts, because it is the right of the government to collect taxes from us. However, there are times when no matters how much responsible you are, and until now you may have paid all of your taxes on time, but at this time, you could not do it. The reasons can be many, may be some emergency in your family, unexpected responsibilities, some financial load, or any other thing. However, you cannot protect yourself from paying your taxes, and at the same time, you are not in condition to pay your taxes. Then what should you do? Is there any solution to this problem? The answer is YES. There are numerous schemes, which IRS provides you with, to give relief in your tax debts. But, what are those methods? So, here is the answer presented in the article. Just read on, because we have presented for you 4 ways to get tax debt relief. So, sit back, relax and go carefully through all the solutions provided to you and decide which one is best for you. The reason is there are fair chances that not all of the options may fit you.

4 Ways To Get Tax Debt Relief

What Is Tax Debt Relief?

Before proceeding to look into the various paths that will help you in getting the relief from the taxes, let us understand what tax debt relief is and when you require this, briefly. Technically, tax debt relief, is that you will be refrained from paying all of the taxes, however you still will have to pay a certain decided amount. This amount will solely depend on various factors, which we will discuss in details later in the article. It is the responsibility of the IRS to collect the complete amount from you. However, if you are unable to do so because of some circumstances, IRS protects you from getting bankrupt by providing some of legal processes. These legal processes are may be the tax debt relief programs, which will provide with many options so that you can pay some of your taxes now and some later. In this way, there will not be any burden on you, and you will be able to pay all of your taxes. Therefore, let us have a look on those methods, which will be your savior in your difficult times of tax paying.

4 Ways To Get Tax Debt Relief

Primarily, there are four different ways that are extremely helpful in providing you relief with the taxes you owe to the IRS. Let us have a look into all the four ways one-by-one.

Tax Abatements

The first way to get rid of the tax debts is through the process of tax abatements. It primarily means the indispensable forgiveness of the taxes you owe to IRS. The procedure under this method includes reducing the total number of your liabilities and increasing the amount that is being deducted for the taxes from your account. However, this method is available only to the limited people, because IRS grants this facility to the people after looking into numerous factors and those factors should match the criteria of the IRS guidelines. You may name this method as the hardest form of getting relief in your taxes.

Tax Settlements

This is one of the easiest ways to get the tax relief from the IRS. It requires you to pay a lump sum amount in one go, out of the total taxes you owe. Doing so sets you free, at least for some duration of time and releases a load of paying the taxes to IRS. Tax settlements are one of the most favorite ways of collecting taxes of IRS, because once you pay the amount, they are free from the responsibilities of collecting taxes for some time. However, you need to fulfill some of the criteria to enjoy this service. Some of the criteria include:
• The value of your total income and fixed expenses
• Your current age, and the total assets you owe.

Tax Compromise

It is almost similar to the method of tax settlements, as you have to pay a lump sum amount in one go to IRS and the amount you pay is less than the taxes you owe. However, the only difference between the procedure of tax settlements and tax compromise is that the criteria are different. The amount to be paid in tax compromise is decided solely based on the total tax amount you owe to IRS. Other factors, for example, age, assets, liabilities, etc. are not taken into considerations.

Payment Plans

The last and most favorite way of most of the people to get the tax relief is via payment plans. It is like a loan without the interest for you. The procedure includes the payment of the money you owe to IRS in the installment form. There are predefined installment structures, which IRS has designed, based on the amount and some more other factors. IRS feels that it is the easiest and quickest way to get the funds back from you. Moreover, it is an effective method for you, especially, there is an emergency in your family, or you have a lot of financial loads. Hence, paying installments of a certain amount is the best way you can get rid of the debts you owe and get relief on your debts.

So, these are the four crucial methods that can help you in getting relief from the taxes you owe to IRS. Every method has its vicissitudes, hence, while going for any of the methods, be very careful and read the complete instructions carefully.