If you owe more in back taxes than you feel like you’ll ever be able to repay, you may be looking into your tax settlement options. One of the most coveted tax settlements is the offer in compromise, which allows you to settle your tax debt for less than the total you owe. But securing an offer in compromise won’t be easy. Because you’ll end up paying the government less than it’s asking for, the IRS doesn’t give away these settlements easily.
The following considerations will be taken into account when evaluating your offer in compromise:
- Your income
- Your expenses
- Your ability to pay your debt
- Any asset equity you possess
Even if you feel strongly that the numbers are in your favor, it helps to have a tax settlement specialist on your side when you deal with the IRS. In and around St. Louis, Tax Resolution St. Louis is your best bet for offer in compromise negotiation. We know how to present your best case to the tax authorities. Plus, in the event that your request isn’t granted, we can help you come up with an alternative repayment strategy that eases your financial hardship. Our job is to bring you into IRS compliance while also lessening your burden.
Ready to learn more? Contact Tax Resolution St. Louis today to schedule your initial consultation with a member of our team!