IRS Tax repayment alternatives that may be right for you.

1. Unable to Pay Your
Taxes? Try These Tips
IRS tax repayment alternatives that may be right
for you include:

2. Pay by Credit Card
If you pay by credit card, you will likely be charged a small fee
that is tax-deductible if you itemize deductions. Just be sure
you can pay off your credit card balance within a few months,
or the interest accrued might exceed any IRS late payment
penalties you would have been charged.

3. Short-Term Extension
If you think you'll be able to pay the full amount owed within 120
days, visit IRS.gov or call the IRS directly at 800-829-1040 to
request a 6 month extension to pay. If granted, you'll still owe
interest on your debt, but will avoid the penalties and fees related
to an installment agreement over a longer period of time.

4. Installment agreement
If you need longer than 120 days, an installment agreement
will let you pay off your bill in monthly installments for up to six
years, depending on your specific situation. Penalties and
interest will continue to accrue on the debt until it is paid in full.

5. Offer in Compromise
Under certain circumstances, the IRS may allow taxpayers
with annual incomes of up to $100,000 to negotiate a
reduction in the amount they owe through an Offer in
Compromise (OIC). The IRS rejects the majority of OIC
applications, so make sure your offer represents the most the
IRS can reasonably expect to collect from you.

6. Bankruptcy
Bankruptcy could be an option if you experiencing a financial
crisis and are completely unable to pay. However, be aware
that your tax debt may not be eligible to be discharged in
bankruptcy. There are very specific rules regarding tax debt
and bankruptcy, so be sure to consult with a tax or bankruptcy
professional before proceeding.

7. To Learn More
Visit
www.taxassistancegroup.org
Or Call
(855) 549-7829
Works Cited: Alderman, Jason. "Can't Pay Your Taxes? Try These Tips." Huff Post Money. TheHuffingtonPost.com, Inc, 14 March 2012. Web. 16 June 2015.
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