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I owe both Federal and California taxes in 2008 and 2009, totally about $40,000 including penalties and interest. I am 62, single and unemployed. My only income is $951 social security before IRS levies 15%. Anyway, I may find a way to pay off all the back taxes. What is the best way to get the best deal?
1 ANSWER
Bankruptcy & Debt Attorney serving San Diego, CA
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Jackie Robert Geller Attorney at Law
Consider submitting an "offer in compromise" to both the IRS and the FTB. If your only income is social security, and you have very little by way of assets, you should qualify for a significant reduction in taxes. Talk to a local attorney or CPA.
Answered on Jun 07th, 2011 at 10:22 AM