Looking to Settle for Less with the IRS?

I think we’ve all seen the TV commercials for the companies that will help you get a settlement with the IRS and eliminate a tax debt. They sound good, but did you know you have the power do take the situation into your own hands?

And keep in mind, not everyone qualifies.

With some patience, guidance and a little hard work you can take some steps to find out your options and even propose a settlement on your own.  You don’t think these companies do this for free do you? (hint: they don’t)

The IRS provides tutorial videos to help consumers with a variety of tax tips and guidance.

For help with tax settlements, check out this video HERE.

An “Offer in Compromise” or OIC allows you to settle your tax debt for less than the full amount you owe.  This video will help you learn how you can take control and deal directly with the IRS.

Some things they will cover:

• Settlement is not an option for everyone.
• It is a last resort after exhausting other available options (including payment plan options)
• There are eligibility requirements that must be met
• The only fee the IRS charges is an application fee (aside from offer payments) and that fee may be waived if certain criteria is met
• You may save time and money by submitting the offer yourself

The video tells you where to go online to see if you qualify for a payment plan.  If you qualify for a payment plan you may not qualify for an OIC.  It also explains the next step for the Offer in Compromise Pre-Qualifier.

The video will also tell you exactly what information to have on hand before you start the OIC process, and what to expect along the way.

Not only might this be a way for you to save money and find out what options may be available for you, it will empower you to take charge of your financial situation and not let your finances control you.

No matter your situation, if you don’t currently have a money plan for your personal finances, that is a great way to start, and I can help!

Contact me at latkinson@messianicfamilyfellowship.com or  CLICK HERE to schedule your Personal Financial Coaching session.

Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@messianicfamilyfellowship.com

As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.