The freedom of the open road… You’ve been working on the road for years as the owner of your own truck. But now the IRS is threatening your livelihood because of a debt that you owe them. You’re living out of your truck and you don’t have any other assets. Maybe you were married and the strain of being a trucker ended that and now she has everything. And you’re left with a tax debt and your truck…she even took your dog.
The IRS wants your money… The IRS wants you to be able to pay your debt so you don’t have to worry about them seizing your rig right now. Now they can levy your bank account or wages making it impossible to make basic repairs and maintenance on your truck. However you may be able to escape what seems like a monster of a tax wall!
A possible solution… There is a program available called an Offer in Compromise that you can get through the IRS, and since your ex-wife took everything you own you may just qualify for the Offer.
What is an Offer in Compromise? It’s settling your IRS tax debt for pennies on the dollar. Basically if the IRS determines that you have no way of paying off your debt, then they will allow you to settle your debt for a lesser settlement amount. Of course it is pretty hard to get an Offer; only 2% of applicants get accepted. You have to prove that your net worth is less than the debt owed. Your net worth is the money you bring in after all expenses have been deducted plus any equity of assets you have. Since your truck is your only asset and that is necessary for business it won’t count as an asset.
They want it all… You will have to disclose all of your financial information to the IRS to prove that after all of your road expenses you don’t have enough net worth to pay off the debt.
Time ticks away… Also an Offer in Compromise can take a year or more to process and there’s no guarantee you’ll get it even if all of your paperwork is in order.
On the positive side the IRS can’t take any collection action against you while the Offer is being processed.
Now you have the smoking gun…Use it!
Richard Close was an IRS-Hitman. He worked as a revenue officer for the IRS and his father was the head of the collections branch for 30 years; so it runs in the family. He left that behind and now he’s partnered with Tax Defense Network to help thousands of Americans with their tax problems. He gives the tips and tricks for you to fight the IRS and win! Visit him at: http://irs-hitman.blogspot.com or http://www.taxdefensenetwork.com or contact: email irs-hitman@taxdefensenetwork.com or 1-888-248-9058.
Tags: filing, offer in compromise, owner/ operator, trucker
