Do you owe back taxes? Have you received payment demands or other worrying letters from the Internal Revenue Service (IRS)? Owing money to the IRS can be scary and confusing, but luckily, you have options. Here is a look at just five of the potential routes you may be able to take with your tax debt.
1. Short-Term Payment Plan
The IRS’s short-term payment plan is for people who can pay their tax debt within 120 days. If you work as a contractor or any other business where you get large payments followed by relatively long periods of not bringing in revenue, this option may be ideal for you.