Negotiating back taxes owed to the Internal Revenue Service (IRS) can feel like a daunting task. It’s important to remain calm and patient throughout the process, however, to ensure that you get the best outcome possible. This page will help you to gain more information about this topic. Here are some tips on how to negotiate back taxes with the IRS:
1. Gather Your Documentation
Before you begin the process of negotiating your back taxes, make sure to have all relevant documents and forms on hand. This includes any W-2s, 1099-MISCs, Form 4868 (request for extension of time to file taxes), Form 1040 (federal income tax return), or other IRS forms. This will help to speed up the process and ensure that you are paying the correct amount of taxes.
2. Know Your Rights
The IRS can be intimidating, but you have certain rights as a taxpayer. It is important to understand these rights to protect yourself while negotiating back taxes with the IRS. One of the most important rights is the right to an appeals process if you disagree with their assessment or penalties.
3. Consider Payment Options
When it comes to settling back taxes, there are a few different options available. You can pay your taxes in full, set up an installment plan, request an offer-in-compromise (OIC) or defer payment through an accepted non-collectible status. Depending on your financial situation, one of these options may be the best choice for you.
4. Get Help
Negotiating back taxes with the IRS can be complicated and overwhelming. You may want to consider hiring a qualified tax professional to help you through the process. They will be able to provide you with the best advice and guide you through the process.
Conclusion
Negotiating back taxes with the IRS can be a stressful and complicated process. However, knowing your rights as a taxpayer, gathering all necessary documentation, and considering payment options will help to ensure that you get the best outcome possible.
If you are feeling overwhelmed, it may be worth seeking help from a qualified tax professional who can guide you through the process. With patience and diligence, you can successfully negotiate your back taxes with the IRS.
