There are two ways of looking at settling tax debts. You will save some of the money that you owe, and the IRS will also get a portion of the money owed. If you do owe money, you probably don't care about the IRS getting it, but they certainly do. With them allowing you to make a compromise with them, it means that you get an easier way out.
You might be wondering why the IRS is willing to compromise in the first place. Well, it saves them time and energy by not having to try to find the person running away from the debt, and it means that they will surely receive some sort of payment. Many times they are happy to be paid just a portion of it. The penalties are put there to ensure that people pay the money, so if you settle with them, there is a chance that they could let you off with the penalties plus portions of the balance as well.
If you have searched on the internet regarding this tax debt settlement then you have surely noticed plenty of negativity. You have probably heard the expression to take everything that you hear or see with a pinch of salt. If not, it just means that you shouldn't necessarily believe every bit of 'information' that you come into contact with. That statement is very true in most situations, including this one. Settling your tax debt can really be of benefit to you. So when you see all those opinion blogs and other forms of written statements, then check out the information for yourself first. Depending on how much you owe, it could be in your best interest to give the IRS a settlement application.
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