Credit Repair and IRS Debt
Many things change throughout our lives. One thing, however, remains a constant – taxes. No matter what you do or who you are, there is no escaping the inevitability of paying the “taxman.”
Credit Repair and IRS Debt
In an economy still limping back to normalcy, it is quite possible to fall behind on a tax payment. If this happens, it becomes a debt that you owe the government.
If you have been struggling with IRS debt, then all you need to do is consult with a professional credit repair agency. They can assist in presenting your case before the IRS and achieve a favorable outcome for you.
How it Works
Sometimes credit repair agencies can face flack for misleading or misguiding their clients. The first thing that you need to know is that they will not be able to magically wipe out the debt. The best they can do is provide practical solutions you can use to mitigate the burden of debt. Some of these solutions include:
- Using the Law
The law, believe it or not, is on your side when it comes to tax debt. As of 2005, there is a new act that has set guidelines and procedures for settling any outstanding amount with the IRS. The credit repair agencies apply their intimate knowledge of the Reconciliation Act to seek a favorable solution.
- Pay it Back in Installments
No problem is too big when it can be broken down into smaller sections. This is exactly what credit repair agencies seek to do with your IRS Debt. The solution requires you to slowly but surely pay back your accrued debt in regular monthly installments. The only catch is that you are required to pay 20% of the debt amount upfront in order to qualify.
- Pushing for an “Offer In Compromise”
This solution is probably the best option because you end up paying less than what you owe the IRS. However, this is approved on a case-by-case basis. The credit repair agencies can present your particular situation and highlight the need for a compromise offer. Three factors are important here – your expenses, assets, and income. To qualify, you need two things: you should not be bankrupt, and your tax filings must be up to date.
Take Control
With an adept credit repair agency by your side, you can take control of your IRS debt. At Action Credit Repair, our experts will provide a personalized credit consultation, an audit of your credit history, and offer solutions to all of your credit obstacles. Contact us today to speak with an experienced professional: Call 518-945-2299 or email [email protected].