How do I get rid of my tax debt? The interest & penalties are washing out what I pay monthly.?

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7 Comments
  1. Reply
    Daniel L
    November 10, 2011 at 1:39 pm

    Get a second job?
    Get a loan so at least you stop racking up penalties?

  2. Reply
    Jon Toner
    November 10, 2011 at 2:38 pm

    Contact the IRS and see if you can make a payment plan.

    The IRS will often waive interest and penalties if there is a good-faith effort.

  3. Reply
    danjelho
    November 10, 2011 at 2:51 pm

    ask your accountant about an “Offer in compromise”

  4. Reply
    spamandham
    November 10, 2011 at 3:49 pm

    Talk to a tax attorney. You might be able to get a 1 time negotiated settlement.

  5. Reply
    ak
    November 10, 2011 at 4:17 pm

    Get rid of your tax debt? Most folks pay their taxes annually. That way it doesn’t stack up so bad.
    If it’s more than you can pay without hardship you can request a meeting with the IRS and negotiate a better payment schedule. If you cannot get a meeting contact your congressman or senator to help you find a solution. At least you are willing to pay your share. Thank you for that!

  6. Reply
    LARRY P
    November 10, 2011 at 4:58 pm

    Call the IRS and make an appointment to see them. When you go there give them a good justification as to why you can’t pay the penalties and taxes. You will most likely have to pay the taxes. It’s the law. They may be able to eliminate the penalties if it is incurring hardships on you. Don’t mess with the IRS either. They can be very nasty. Get your reasoning together and ask them about reducing the penalties to zero. That might mean you have to pay cash for the taxes owed. All they can do is say no. In the future when you get all this payed off file on time and aliviate all this trouble. I’ve had my run in with them and I don’t want any trouble with the IRS.

  7. Reply
    Ellie
    November 10, 2011 at 5:32 pm

    Get a loan to full pay.

    Anyone else is nicer than the IRS and charges less interest. Also no one else can seize your wages or home. THEN…correct your own W-4
    ( and wife should too) to single, zero, with as much as you can afford extra held out so you can start getting refunds. That will finish off any balances due to IRS AND give you a check for a change.

    disclaimer: “Not legal advise”. Call 800-829-1040 7 AM to 10 PM weekdays being prepared to wait and NOT in a an argumentative mood.

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