Drowning in Tax Debt? 6 Lifelines the IRS Doesn't Want You to Know About

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If you're one of the lucky souls grappling with the IRS, fear not! Here are six ways to settle your tax debt, each with its own unique flavor of existential dread.

1. Offer in Compromise (OIC):

Think of this as the IRS's version of a clearance sale. You offer them a fraction of what you owe, and if they accept, congratulations! You’ve successfully convinced them that squeezing blood from a stone is a futile endeavor. Just remember, the IRS only accepts about 40% of these offers, so you might want to practice your puppy eyes.

2. Bankruptcy:

When all else fails, declare bankruptcy! It’s like hitting the reset button on your financial life, except you’re still the same person with the same spending habits. While it sounds drastic, it might wipe the slate clean—just make sure you’re ready for the long-term consequences of this financial Hail Mary.

3. Full Pay:

For those who enjoy the thrill of living on the edge, why not pay the full amount? Sure, it might mean selling your kidney on the black market, but at least you’ll be free from the IRS’s clutches. Plus, you’ll have a great story for your next cocktail party.

4. Currently Not Collectible (CNC):

Convince the IRS that you’re as broke as a college student after spring break, and they might temporarily halt collections. It’s like putting your debt in a time-out, hoping it learns its lesson and disappears. Spoiler alert: it won’t.

5. Collection Statute Expiration Date (CSED):

If you can dodge the IRS for long enough, your debt might just expire. It’s like playing hide-and-seek with a very persistent toddler. Keep your head down for ten years, and you might just win this game of financial tag.

6. Installment Agreement:

This is the IRS’s version of a layaway plan. You get to pay off your debt in manageable chunks, assuming you can manage to keep up with the payments. It’s like having a gym membership you never use but still pay for every month.

Remember, dealing with the IRS is like dancing with the devil—wear comfortable shoes and keep a lawyer on speed dial. Good luck, brave taxpayer!

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