IRS Debt Forgiveness Program | Tax Debt Forgiveness

Debt Forgiveness

Call Axiom Tax Resolution Group today to learn more about IRS debt relief options.

It can be stressful figuring out how to manage your finances when you owe the IRS unpaid taxes. Determining how you’re going to pay your tax debt and bills is a burden many people face following tax season. However, there are services available to help lighten the load.

Specifically, the IRS offers debt relief programs for people struggling through financial hardships. You might feel stuck in your situation if you owe a lump sum of money that you cannot afford to pay. But by pursuing these tax debt relief options, you can negotiate ways to delay payments, make those payments more affordable, or forgive debts altogether. 

Even with these options available, it can be challenging to figure out how to apply for them and which specific ones to use. For those who need debt forgiveness but are struggling to form a payment plan for their tax debt, tax relief companies specializing in the field can help.

For residents of Birmingham, AL, and the surrounding areas, there isn’t a team of tax experts more reliable than the ones at Axiom Tax Resolution Group. Our tax specialists can help you negotiate a forgiveness plan with the IRS that has you feeling financially secure once again.

What Are Tax Debt Forgiveness Programs?

Simply put, tax debt relief programs are ways to alleviate some of the financial burden caused by charges from the IRS.

These programs exist out of necessity, as the IRS is not legally allowed to demand more money than you have when payments are due. With tax debt resolution programs, the IRS will negotiate ways to make your tax penalties affordable enough to fit within your budget. 

A few factors will determine eligibility for debt relief programs, but the amount you owe will likely not be one of them. So, whether you owe the IRS thousands or tens of thousands of dollars, you can be eligible for tax debt relief.

Regardless of the amount of debt, a few general situations might make debt forgiveness programs a necessity.

      Struggling with debts from other sources
      Being contacted by private debt collectors
      Facing confiscation of assets 

If you are experiencing any of those hardships or still feel you need assistance from a tax debt forgiveness program, Axiom Tax Resolution Group can help you work with the IRS to find the right plan and payment methods. 

Ways to Negotiate Debt Forgiveness 

Before the IRS considers your debt forgiveness application, they will first examine a few financial aspects to determine which program could work for you.

      Income and required expenses
      Asset equity
      Ability to pay the debt

Once they determine your eligibility, you will be allowed to pursue debt forgiveness in a few of the following ways.

Offer in Compromise

An offer in compromise allows taxpayers to reduce the overall amount of their debt. The people eligible for this form of tax debt relief are generally unable to afford all their living expenses with the added burden of IRS payments. 

Installment Agreement

As the name suggests, an installment agreement from the IRS allows you to pay off your tax debt in monthly installments rather than in one lump sum. This plan is ideal for those who earn enough money to pay their expenses regularly but might not have enough money to relieve debt in one payment.

Penalty Abatement

The IRS might levy tax penalties if you fail to file your taxes or do so past the deadline. However, a penalty abatement plan can remove those tax penalties entirely in some instances. 

The IRS often approves penalty abatement for those who miss the tax deadline due to illness, ignorance, or a death in the family.

Receive Tax Debt Relief With Axiom Tax Resolution Group

Tax debt relief plans can be helpful, even necessary options for people struggling through financial hardships. The lightening or outright removal of debt from the IRS can help people stay afloat financially, but it can be challenging to apply for relief services.

With the help of Axiom Tax Resolution Group, you can find the right debt relief plan today. Our team of tax experts will work directly with you and the IRS to find an ideal forgiveness option that will allow you to remove your debt while still living comfortably. 

To learn more about tax debt and forgiveness plans, contact Axiom Tax Resolution Group in Birmingham, AL, today at (205) 872-1100 .