The IRS levy is one of the most undesirable things you’d ever want in life. However, a few bad decisions could certainly lead you to an IRS levy notice. Ideally, the best way to avoid it is to ensure you pay your taxes on time. It is also true that it may not be possible at times. So, what are some ways that you could avoid the IRS tax levy? Let’s help you educate regarding how to avoid an IRS levy in Fontana, CA.
How to Avoid An IRS Levy in Fontana, CA?
Pay your taxes on time:
This cannot be emphasized enough. The best way to avoid an IRS levy is to pay your taxes on time and in full. If you can’t pay your taxes in full, consider setting up a payment plan with the IRS. The taxman allows a range of options in this regard.
Make sure to educate yourself and find an option that suits you the best. You may be able to negotiate a payment plan that works for your budget.
Respond to All IRS Notices:
If you receive a notice from the IRS, it’s important to respond to it promptly. If you don’t have a cent to pay the IRS, you still don’t want to ignore these notices. Ignoring the notice could lead to a levy.
If you’re not sure how to respond, consider seeking help from a tax professional. They can help you understand the notice and respond appropriately.
Simply explain to them why you have not been able to pay taxes till now. You may also tell them how you are planning to find means of paying.
Seek Professional Help:
If you’re having trouble paying your taxes or you’ve received a notice, consider seeking help from a tax professional. A tax professional can help you understand your options and work with the IRS on your behalf.
They can also help you negotiate a payment plan or an Offer in Compromise.
Make sure you carefully choose a professional consultant to maximize your chances of avoiding a levy.
Consider an Offer in Compromise:
An Offer in Compromise (OIC) is an agreement between you and the IRS. An OIC allows you to settle your tax debt for less than the full amount owed. The IRS may accept an OIC if they agree that it’s in their best interest to do so.
It should be the maximum amount that you could pay considering your current circumstances. However, not everyone is eligible for an OIC, and the process can be very complex. If you’re considering an OIC, it’s important to seek help from a tax professional.
File For Bankruptcy:
Though not an ideal situation, it may be your only option in some circumstances. If you’re facing financial hardship and have no other options, filing for bankruptcy may stop an IRS levy. However, filing for bankruptcy is a serious decision with long-term consequences. It’s important to consult with a bankruptcy attorney before taking this step.
In summary, the key to avoiding an IRS levy is to take action as soon as you receive a notice from the IRS. It is crucial to take these notices seriously. Make prompt efforts to reply back as soon as possible, and with cogent reasons. If you’re unsure of what to do, seek help from a tax professional.
They can help you understand your options and work with the IRS on your behalf. Last but not the least, make sure you understand various options, examine them and choose one. There could be no single best-fit-for-all option, as each case of IRS levy may vary greatly.
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Zee Maq is a content writer who specializes in writing business and finance content. She has nine years of experience and loves to provide problem-solving content to help people tackle challenges in their everyday lives.