Settling Your IRS Tax Debt with a Copy Tax Return

There are a few things that you can do when it comes to settling your IRS tax debt, but you will need a copy tax return in order to do it. Some people do not find out until years later that they actually owe the IRS money, but one thing is for certain- the IRS will be coming after the money that you owe them. You will want to be prepared when this happens. This is why it is very important to keep all of your tax returns for each year. You should really never throw them out until it has been at least six years. Once the six year hits, you can then get rid of it. Just be careful to not dispose of it carelessly or someone may be able to get a lot of information about you from your copy tax return. Shredding these documents is really the best way to get rid of them.

What is IRS Debt?

IRS debt is an amount that you owe the IRS for not paying in enough taxes, or for being dishonest on your return, or getting an overpayment from the IRS. When this happens, they will send you a letter in the mail stating that you owe them money. They will want you to get it paid off as quickly as you can; however you should know what your options are. Look at your copy tax return from the year in question and see if you see any discrepancies from what they are telling you. You need to investigate it completely before you just send them money. There could be an error on their part, but chances are you really do owe the money.

Realizing that You Do Owe

When you take a look at your copy tax return, you will probably find that there was some sort of error on your part and that you really do owe the IRS money. If this is the case, then there are a few things that you need to do. First and foremost, it is a good idea to call them and let them know that you have intentions to pay the money back. If they think that you are ignoring the situation, then they will start to charge you interest on the amount you owe. If you work with them, they can give you options.

Making Payment Arrangements

If you do not have all of the money to pay the IRS up front in order to settle your IRS tax debt, you will want to arrange a payment plan with them. They will discuss your options with you over the phone. Sometimes they will give you a monthly payment amount. You will send this in each month until the debt is completely paid off. Other times, they may just hold it out of the next year’s income tax refund if you are due one. Keep your copy tax return in hand when making arrangements.

Don’t Just Keep 2011 Copy Tax Returns

While you probably just recently filed your 2011 taxes, you will not just want to keep those documents. You will also want to keep previous year’s files. If you do not have them on hand, then you can order them easily from the IRS or from other online services. Tax return copies are really not difficult to obtain if you know the right places to look. Keep your information ready when you are completing the form, whether online or by mail. You can also order copy tax return documents by phone.

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Posted by on Sep 14 2011. Filed under Request Tax Return. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

74 Comments for “Settling Your IRS Tax Debt with a Copy Tax Return”

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