April is not the only month that many Americans become concerned about filing as the importance of needing to pay your taxes continues throughout the year. Your payroll reductions, medical bills, and layoffs can create a myriad of business problems that can lead to tax problems. While the IRS can be understanding, they will take action to collect what is theirs. Always discuss a tax professional or CPA for advice on providing the solutions you should proceed to resolve your debt. Few tips and ideas to pursue if you owe IRS money and/or you have problems with taxes:

SUGGESTION IN AGREEMENT

If you owed the IRS a large amount of money that you completely can't pay back, they may be willing to resist a deal with you. An offer in settlement allows you to pay the IRS back for less than what you owed. However, the IRS isn't going to admit to this type of deal if they believe that obtaining the full amount through seized wages, claims on your home, and other methods will recover what you owned more efficiently. If the IRS agrees to an offer in compromise, you will be required to make one part of your payment or set up a payment plan. Those who qualify for a suggestion in agreement end up saving thousands of dollars in taxes, penalties, and interest.

DEBT CONSOLIDATION

You may qualify for debt consolidation if you owe the IRS; they won't automatically consider as you will have to file each year. For example, if you declined to pay your taxes in 2015, 2016, and 2017, the debt from each year accumulates its own interest individually. If you qualify, you may be able to consolidate all of your debts into one IRS payment adjustment. Keep in mind, while you are only getting one payment to the IRS, the debt from each year still increases interest individually.

CURRENTLY NOT COLLECTABLE PAYMENT

When you are undergoing severe financial hardship, you may be able to submit your taxes. In layman's terms, the IRS gives you a short break from having to pay what you owned. Typically, the IRS will provide you with a year or so without endeavoring to collect. During this time a taxpayer can file a collection appeal to stop an IRS tax, claim, wage garnishment, or seizure of any kind.

SCAM VICTIMS

Fraud comes in a variety of forms such as Ponzi schemes, false filing, and real estate fraud. If you have been the victim of fraud, you may qualify for some tax credits to recover some of your losses. Showing that you're the victim of fraud to the IRS can be difficult; it is informed that you seek the help of tax professional before performing anything else.

LAW OF RESTRICTIONS

The IRS has 10 years from the date of tax to collect all taxes, penalties, and interest. A specialist or CPA could help you in completely relieving you in all of your tax debt by easily coming up with a plan to wait out the statute of limitations. However, waiting could result in a punishment of payments or a seizure of your property or assets. It's important that you don't attempt this procedure without the support of a qualified professional who can assure that waiting doesn't do more harm than good.