Debt Settlement Criticized But Necessary For Families With Back Taxes Owing - Apply For Yours

By: Lindsy Emery


Back taxes are not a fun thing to have to pay. When you think that you have filed correctly, then find out after, in some cases, years, that you have made a mistake and the penalties have piled up, it can be heartbreaking. If you have a low income and cannot afford to pay the amount that they are charging you then you can always propose a settlement.
We have all heard the negative arguments concerning this tactic. If the amount is too high, some say to file for bankruptcy. Others say that there are other ways to get out paying it anyway, so why bother to settle. Many argue that you will still end up paying a balance and even extra interest on the balance that is taken forgiven. Well, that may well be true, but the interest on the forgiven balance is always less than the balance that you don't have to pay, so you are still saving money. There is a certain responsibility is paying taxes, so if there are monies owing, technically it is that person who should pay. The IRS is being kind in forgiving some of this so in making a settlement many people are glad to receive any reduction in the amount.
In handing over your income and debt documents, the IRS staff will understand how much you will be able to pay each month, so if your situation is extremely rough, they might take away the whole balance, or the majority of it. In either case, the amount will usually be less than what you had so you will benefit in the end.

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