Estimated tax tip savings. Choosing the correct method of relief when you can’t pay your taxes can eliminate much or all of your tax debt—which can amount to thousands, even tens of thousands, of dollars—and help you get back on track financially.
If your tax bill has exploded beyond what you can pay, you’re probably already feeling the hot breath of the IRS. At this point, you need to consider your options for how to reduce or eliminate your tax bill.
If you have thought about bankruptcy, you need to be aware of its limitations. Tax debts are particularly sticky—many of them stay with you even after the bankruptcy process is complete.
And it’s important to know that bankruptcy is not your only recourse. The IRS gives you four avenues of relief to help you get out of tax debt. Depending on your circumstances, one or more of these IRS methods could entirely eliminate ... Log in to view full article.