Tax Debts? 5 Signs You Need Outside Help Seeking Relief

Taxes are part of life. But at times, a tax burden can become more than just a civic responsibility and instead become an insurmountable debt with which you need help. Has your tax debt reached this point? If you're not sure, here are five good indicators that it may be time for a better solution.

1. You May Tap the Wrong Money Sources

Some taxpayers turn to the wrong sources to pay back taxes they can't afford. If you have considered tapping into your retirement funds, taking on high-interest debt, using title loans, or charging taxes to credit cards, you could be making things worse. Paying high rates, risking your assets, or stealing from your future are dangerous ways to pay a past debt. 

2. You've Received a Notice of Intent to Levy

The IRS uses liens and levies in collections of old tax debts. The 'Final Notice of Intent to Levy' is a certified letter stating that the agency will imminently seize assets that have already had liens attached. Once the IRS or state agency seizes bank accounts, real estate, vehicles, or belongings, you may never be able to get them back. 

3. You Don't Know Your Options

While the IRS makes an attempt to educate taxpayers on their rights and primary options for payment, few people really understand these. If you don't know what options you have aside from writing a check for the outstanding balance, you need a professional who is trained in finding the right debt relief methods. 

4. You Wonder If Your Taxes Are Right

The foundation of any tax debt issue is what was reported on your tax returns and confirmed by the IRS. Are you 100% certain that everything was correct? If not, this is the time to get a second opinion and ensure that you aren't paying for debt made in error. 

5. You Could Pay a Smaller Amount

Are you struggling to pay a large tax debt but could actually put together the money to pay a smaller total bill? The IRS has the ability to reduce the overall tax debt if you make a solid case for this. But an 'offer in compromise' is a complex, time-consuming tool that's difficult to get approved by the agency. Your best bet for a successful negotiation is a professional who works with this form of relief. 

Does your tax debt situation fall into any of these categories? If so, seek permanent relief rather than continue trying to keep your head above water. Learn all your options by meeting with a tax debt relief service today.