QUESTION
What are my options to settle back tax debt if I barely make enough to pay my bills?
Asked on Sep 29th, 2013 on Taxation - California
More details to this question:
I owe taxes to fed and state for years of 1997, 1999, 2002, 2003, 2004, 2005 and 2006. Total to date: $65,189.88 federal and approx. $6,500 State. I am 68 years old and accumulated the debt by self-employment. I live on minimum social 780.00 net and see no way to ever repay. I do not make enough to pay my monthly bills. Is there any help for me? Please?
6 ANSWERS
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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It appears that you may be a good candidate for IRS' Offer in Compromise program. They may be willing to settle your tax debt for a much smaller amount. However, we would recommend that you get professional help to do it.
Answered on Oct 02nd, 2013 at 9:41 AM
Mihaella Cornelia Smith
It sounds like you might be a good candidate for a settlement with both the IRS and the FTB. Both agencies use a mathematical formula based on your income and assets to determine whether you qualify for a settlement. Other factors, such as your age, will be considered. I recommend that you speak with a qualified tax professional to determine how strong your case will be. It really depends on your specific financial situation. Most tax professional will offer a free consultation to determine the IRS and FTB programs you might qualify for.
Answered on Oct 01st, 2013 at 12:29 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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l would call the IRS and the state tax department and see if there is any kind of payment they set up for you. Sometimes they will accept very small monthly payments.
Answered on Oct 01st, 2013 at 12:10 PM
Yes, you sound like a good candidate for an offer in compromise to the IRS and state tax authorities. Contact a tax lawyer and get it started immediately.
Answered on Oct 01st, 2013 at 12:08 PM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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There are two options. Offer in Comprise or possible discharge in bankruptcy if you meet the requirements.
Answered on Oct 01st, 2013 at 9:01 AM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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Tax liabilities this old may be dischargeable in bankruptcy.
Answered on Oct 01st, 2013 at 8:16 AM