Do you owe back taxes to the IRS or State and can’t pay back? You may be able to settle the amount for a lot less, if you qualify. Watch this video to find out the step-by-step guide for an offer in compromise, and what you need to do before submitting the application. Many taxpayers who owe back taxes don’t pay back their taxes, simply because they can’t. The interest and penalties may have snowballed over time. However, there is a way to settle your growing back taxes to a substantially reduced amount, through an offer in compromise, if you qualify. For the best chances of getting this offer approved, you must seek professional help so you’ll prepare the right documentation and have the right representation. An Offer in Compromise is a settlement with the IRS or State tax authorities for less than the tax amount owed. It is not based on “pennies on the dollar” or a percentage of your tax debt, contrary to what many advertisements state. It is purely based on your financial information. Financial inability to pay is the reason most Offers in Compromise are accepted.
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