Opt For Temporary Delay
If you’re facing severe financial hardship, the IRS may temporarily delay collection efforts. This means they’ll put a hold on your account and you won’t be required to make payments https://definicionde.org/ during this time. However, be aware that your tax debt will continue to accrue interest and penalties.
Set Up An Installment Agreement
If you can’t pay your tax bill in full, consider setting up a monthly payment plan or installment agreement with the IRS.
This allows you to pay down your debt over time. While you’ll still face interest and some penalties, it’s typically less than the cost of letting your debt remain unpaid or trying to pay it all at once and facing financial hardship.
Check If You Qualify For Innocent Spouse Relief
There are instances when one spouse might be unaware of the other’s actions that led to a tax debt. In such cases, the innocent spouse can file for Innocent Spouse Relief, which might relieve them of the tax, interest, and penalties associated with their spouse’s (or ex-spouse’s) actions.