Is it possible to lower an old tax bill ?

[newbieshore]

I owe the IRS a good chunk and it has been really hard to pay it all in full. is there some type of relief that helps you pay less ? For example lets say I owe $60k is there a way for IRS to settle for less if I pay it in full ?

 

[Sols]

Assuming the taxes owed are calculated correctly, you will have to pay the full amount. That part is unavoidable.

However, tax authorities, including the IRS, are usually happy with payment plans. You won't be the first person with a tax debt they can't pay off immediately. Contact the IRS directly or a qualified tax lawyer/adviser to discuss your options.

 

[Fulton Abraham Sanchez]

I owe the IRS a good chunk and it has been really hard to pay it all in full. is there some type of relief that helps you pay less ? For example lets say I owe $60k is there a way for IRS to settle for less if I pay it in full ?

If you are broke, bankrupt, unemployed or able to show your income is barely covering your expenses, you can apply for an offer in compromise and pay a fraction of the original debt. Otherwise the choice is a payment plan.