If You Can't Pay Your Taxes, You Might Qualify for a Reduced Amount

Weve talked aboutwhat to do with your tax refund, but many of us actually owe the IRS money.

For some folks, this amount might be much higher than expected.

If you cant afford to pay your tax bill, you might qualify for an Offer in Compromise.

Of course, this option is for those who truly cant afford their bill.

You have to prove economic hardship from exceptional circumstances.

On their website, the IRS actuallyhas a pre-qualifier tool.

From there, youd fill out Form 656 and pay a $186 utility fee.

Be prepared to fork over a lot of receipts, records, and paperwork, too.

Check out the IRS page for more detail.

And see GoBankingRates full post for other repayment options if you cant afford your tax bill.

Offer in Compromise| IRS viaGoBankingRates

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