In the U.S., it is imperative for every person to file taxes regularly each year. The problem, however, arises when these taxes are not paid on time. If this continues for a number of years, then the person will have to pay in thousands at a time.

The Internal Revenue Service, also known as the IRS, is responsible for looking into these aspects and collecting the debts payable to the government. When the IRS knocks on a person’s door, it is difficult to ignore. There is no respite from paying the tax debts. However, what is possible is to get certain tax debt reliefs help from certain people and sources.

In order to help them make the right choice, they need help from an experienced person. Hence, it is imperative to choose the right tax professional who can guide you through the entire process. Opt for the consultant who comes with good reviews and has experience in handling such cases before.

There are only five options available from which you can make a choice. The five options are installment agreement, partial payment installment agreement, offer in compromise, filing for bankruptcy and tax not currently collectible. Let us understand quickly what each of these options has in store for you.

The installment agreement payment option is relatively easy to setup. You can either get this done by yourself or take help of your tax professional. There are various ways in which you can set up this payment plan. You or the tax consultant can reach call the IRS on their toll free number and request for a monthly payment plan. All you need to do is place a call, they will register your name and send you paperwork to be filled out and sent to them. You can also use the application available online to set up this option. When you opt for this option, you will have to payoff the entire amount due within three years.

The second option that you can consider is partial payment installment agreement. In this option also you agree to pay the money in the form of monthly installments, however, it differs from the first option because here you can get relief from paying the entire amount. If you adhere to all the terms mentioned in the agreement and pay the specified monthly installments you can the remainder of the tax amount waived off.

Offer in Compromise is a strategy where you will need to send in a request to the IRS to reduce your tax debt. The IRS will review your application and inform you of their decision. They will consider your ability to pay off your taxes while making their decision. Also, if they are in doubt about the total tax debt payable they will waive off a part of the payment.

The last two options available are tax not collectible currently and filing for bankruptcy if you are in dire straits and cannot pay off the tax debts. So based on your financial condition you can decide from the five strategies.