How Can I get my back taxes taken care of?

This is a common question. How can I get my back taxes taken care of? The most obvious answer is pay them in full, but if you could do that then you probably would not be wondering how you can take care of back taxes. There are a number of different programs that the IRS offers that you will never know about if you try to handle on your own. I will be writing a series of blogs going over the various options if you owe back taxes.

The famous OIC. This stands for Offer In Compromise. This is one of the best programs the IRS has to offer and we have clients that we settled hundreds of thousands of dollars for a few thousand dollars. Literally pennies on the dollar. At Oxford Tax Partners we take this program seriously. If we say we can get it for you than we will but we only offer it to clients that we know we can get into OIC. There are many companies that use this tool to take your money in hope of getting it done, but never have the intention or the ability to do it correctly. It is an expensive process but worth every penny and not a process anyone should try and do on their own.

Here are 3 key factors that determine if you qualify for an OIC:

• 1. Age- if you are young with earning years ahead of you forget the OIC. 
• 2. Assets- If you have assets, houses, 401k money or any other assets of value, then you will not qualify. Your asset situation needs to look bleak in order to meet OIC criteria.
• 3. Income and ability to repay- Typically an OIC client is someone that made a lot of money in the past. Owes way more than they could ever pay at their current income levels. There are many facets to calculating income to qualify for this program including dependents and bills. 

The next blog will focus on a different program offered by the IRS and different states. I hope this helps.

Visit www.wesolvetaxissues.com if you want a free evaluation of your tax situation.

Cheers,

Noah S Burford
noah@oxfordtaxpartners.com
714-926-4261

Visit www.wesolvetaxissues.com if you want a free evaluation of your tax situation.