| Owe the IRS? You Have More Options Than You Think |
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| | Owing money to the IRS can feel overwhelming, but you have more options than most people realize. The IRS would rather work out a solution than chase you forever, and there are several legitimate ways to settle, reduce, or pause what you owe. In this issue, we walk through the main options for resolving IRS debt, from payment plans to settling for less, so you can find the one that fits your situation and take the next step with confidence. |
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| Setting Up a Payment Plan |
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| If you can't pay your full tax bill at once, the IRS may let you pay it over time. An installment agreement breaks the balance into monthly payments, and it's often available to taxpayers who owe less than $50,000. The catch is that penalties and interest keep adding up, so the terms you agree to matter. Here's how payment plans work and how to set one up you can actually afford.
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| Settling For Less With An Offer In Compromise |
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An Offer in Compromise lets some taxpayers settle their tax debt for less than the full amount owed. It's a real IRS program, but it isn't for everyone, and the IRS looks hard at your income, assets, and ability to pay. Be careful with the "mills" you see advertised on TV that promise to wipe out your debt for pennies. Here's how a legitimate Offer works, and how to spot the scams. |
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| When You Can't Pay Anything Right Now |
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What if paying anything would leave you unable to cover rent or groceries? You may qualify for Currently Not Collectible status, where the IRS agrees to pause collection until your finances improve. It doesn't erase the debt, but it stops levies and wage garnishments while you get back on your feet. |
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| Getting Penalties Removed (First-Time Penalty Abatement) |
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Penalties can make a tax bill grow fast. If you have a clean filing history, you may be able to get them removed with a single request through First-Time Penalty Abatement. It's one of the easiest forms of relief the IRS offers, and most people don't even know it exists. |
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Bankruptcy is a heavy lift, but in some cases it can discharge older income tax debt. The rules are strict: the taxes generally must be income taxes, at least three years old, and from a return you actually filed. One important catch is that a tax lien filed before you file bankruptcy usually survives it. Here's what bankruptcy can and can't do for tax debt. |
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What Happens If You Ignore the IRS |
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Ignoring an IRS bill doesn't make it disappear; it makes things worse. The IRS can file liens, seize property, and garnish your wages, and it doesn't need your permission to do it. The good news is that acting early keeps every option above on the table. This article walks through what the IRS actually does to collect, and why timing matters. |
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Facing IRS debt? You don't have to handle it alone. The attorneys at Silver Law PLC are former IRS lawyers who can help you find the right option for your situation. Contact us for a confidential consultation. |
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Key Tax Deadlines for 2026
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Ensure compliance and avoid penalties by staying informed on the critical tax deadlines for individuals and businesses in 2026 with this comprehensive guide:
Individual Tax Deadlines
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Business Tax Deadlines
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September 15, 2026
Third-quarter estimated tax payments due for 2026.
October 15, 2026
Extended deadline to file your 2025 income tax return if you requested an extension.
December 31, 2026
Required minimum distribution due for those 73 and older for the 2026 tax year.
January 15, 2027
Fourth quarter estimated tax payments due for 2026.
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September 15, 2026
- Third-quarter estimated tax payments are due for 2026.
- Extended deadline for partnerships and S Corps that filed an extension.
October 15, 2026
Extended deadline for C Corporations, sole proprietors, and LLCs that filed an extension.
November 16, 2026
Extended deadline for tax-exempt nonprofits following a calendar year tax period.
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