How to achieve IRS Debt Settlement

I am sure that you have heard the commercials that promote settling the IRS debt and you have probably wondered whether you could really stop the penalties and interest and pay off your debt, or not. Luckily, the IRS Debt Settlement options are completely true and you can really make a deal with the Internal Revenue Service. You won’t need more than Internet access and some time and patience. Well, OK, you may need some paper and copies as well. The most important thing for getting a settlement is to understand the Offer in Compromise, which is an agreement between the IRS and a taxpayer that will settle the debt of the taxpayer to the IRS for a smaller amount than the one that is owed. In order to qualify for submitting an Offer in Compromise, you will need to meet some conditions. You will only qualify if you cannot pay your debt in full, if you don’t have an active bankruptcy proceeding and if you are able to pay the fee for the application (which is currently set at $150) and 20% of your debt with the application.

If you don’t qualify, you should know that there are some other options which will help you pay your tax debt. If the amount you owe is relatively small, you may get a cash advance on a credit card. Finance companies and banks allow small personal loans, and the credit union of your employer may also be an option. In some cases it is possible to borrow money against the life insurance policy.

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