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Evaluating one’s options when facing tax debts

On Behalf of | May 12, 2022 | Tax Debt

Sources of financial strain can come in numerous forms and dealing with similar issues can be a stressful and intimidating process. In some cases, individuals in Georgia might encounter struggles with monetary woes due to tax obligations. Those who face tax debts may have questions about their available options for relief and how to choose a path for relief that best aligns with their interests and needs, but such an endeavor can be somewhat complex in nature. 

Possible options 

Those who face similar circumstances in life might benefit from knowing that the IRS may offer various programs to assist in dealing with unpaid taxes. In some cases, a person might be eligible to repay debts over a set period through installment agreements. Offer in Compromise and Currently Not Collectible are two more programs one may find it beneficial to explore, but such paths might not be viable in every scenario. 

When it comes to tax debt relief, there may also be additional alternatives to IRS programs, but some of these options may have inherent downsides. While one might be able to use credit card accounts to make payments, this relief may only be temporary and might simply act to further complicate one’s financial situation. Such risk may also apply in scenarios in which one considers taking out a home equity loan or borrowing from retirement savings to meet obligations. 

Choosing the best path 

With numerous factors to address and options to consider, choosing a path with which to seek relief from tax debts can be a daunting endeavor. Individuals who wish to protect their financial futures but remain uncertain how best to achieve this goal could find it beneficial to consult with an attorney prior to making decisions about their options. An attorney can help a client in Georgia prepare to make informed choices about all the available options and choose a path for relief that aligns with his or her financial interests and needs.