Understanding Tax Debt — And How to Get Out of It
Need assistance with IRS tax relief?
Tax debt has a way of sneaking up on you. Maybe you underestimated what you owed, took a hit financially or just couldn’t pay in full last April. Whatever the reason, the IRS doesn’t forget, and with penalties and interest stacking up, a small tax bill can quickly turn into a much bigger problem. The good news? You’re not stuck. The IRS offers several ways to get back on track, and understanding your options is the first step to digging out.
What is tax debt?
Tax debt is any unpaid amount you owe to the IRS or state tax authorities. It can result from underpaying your taxes, missing a filing deadline or facing unexpected hardships that make it difficult to pay. Unlike other debts, tax debt can come with serious consequences, like penalties, interest and even enforcement actions like wage garnishments, tax liens or bank levies. The longer your debt goes unpaid, the more it grows, turning what may have started as a manageable balance into a crippling financial burden.
The IRS does offer debt relief options, but these programs aren’t always easy to navigate. Eligibility typically depends on factors like income, financial hardship and ability to repay. To figure out the best path forward, some people turn to tax relief firms like Anthem Tax Services, which specialize in negotiating with the IRS and helping find potential solutions for the taxpayer’s unique situation.
Don’t let tax debt hold you down.
How to get out of tax debt
Feeling overwhelmed by tax debt is common, but there are ways out. The IRS offers relief through options like installment agreements, which break down your balance into manageable monthly payments, and offers in compromise, which may let you settle for less than what you owe. But while these programs exist, the IRS doesn’t exactly roll out the red carpet to promote them year-round.
That’s where tax relief providers like Anthem Tax Services come in. These companies could help negotiate on your behalf directly with the IRS, fighting to lower your tax bills and potentially remove liens that can stifle your financial future. If you’re drowning in debt and unsure of where to turn, having an experienced advocate in your corner could make all the difference.
Sponsored by Anthem Tax Services LLC
Anthem’s Disclosures:
*Anthem offers a money-back guarantee designed to help you avoid wasting money on ineffective tax services. They will gather as much information from you as necessary and work with tax authorities to give you the best chance of reducing your tax debt. If for any reason that does not work out, and the government notifies them that they refuse to reduce your overall tax liability or monthly payments by any amount, they will refund you the fees you paid for their services in trying to reduce that debt. The Money Back Guarantee does not apply to Bookkeeping and Tax Preparation Services.
California Residents: Pursuant to Section 1798.120 of the California Consumer Privacy Act (CCPA), a consumer shall have the right, at any time, to direct a business that sells personal information about the consumer to third parties not to sell the consumer’s personal information. If you would like to exercise this right, please click the following link: Do Not Sell My Personal Information.