Tax law provides many solutions for resolving tax debt. But if you were to contact the IRS directly, they would only alert you to one solution, and that's paying the tax debt in full. Here are five popular IRS tax relief solutions you should know about to be more informed.

<b> IRS Tax Settlement </b>

It is possible to settle your IRS tax debt. But there are some pitfalls you need to know. First, take a good look at your assets and finances. If you have assets that can be sold to satisfy your tax debt or enough money in your bank account to pay the tax debt in full, you will not be approved for an Offer in Compromise (IRS Tax Settlement). Do not waste the money or effort if either scenario applies to your financial situation.

After you've determined that you have a chance at settling your IRS debt, you will need to fill out Form 656 "Offer in Compromise." Make sure you fill out every single space, leave nothing out. Make sure to sign the paperwork, as this is a common mistake people make when they submit their own forms. You do not want your tax settlement offer rejected due to simple mistakes because you will have to submit 20% of your offer along with the forms. If your offer is rejected, this money is non-refundable.

You must also keep some common IRS tax settlement roadblocks in mind before you submit your offer. First, are you up to date with filing your taxes? If you are not, your offer will be rejected. The second issue is bankruptcy. If the IRS finds out that you have filed for bankruptcy at or around the same time you submitted your Offer in Compromise, your tax settlement offer will be denied. Finally, you need to remember that an IRS tax lien will not be removed when you submit your offer. Tax liens, with few exceptions, are only released when the tax debt is completely satisfied. The tax lien will remain until after your tax debt is paid off.

<b> Getting an IRS Tax Levy Released</b>

The IRS Tax Levy is a fierce weapon the IRS uses to collect on tax debt. If you do not reply to the IRS's correspondence requesting payment, chances are high the IRS will use a tax lien or a tax levy on you. However, there are a couple of IRS tax relief solutions to try to get your IRS wage or bank levy stopped.

<b> IRS Bank Levy</b>

The IRS will send you a notice stating they intend to levy your bank account. You bank account is now frozen. After the notice you have only 21 days before the IRS seizes your money for good. Working fast is imperative. If you set up an installment agreement or make any kind of good faith payment before the 21 days are up, you can save the money that is in your bank account, and avoid the impact of the IRS tax levy.

· <b> IRS Wage Levy</b>

If you ignore your tax debt long enough, the IRS can implement a wage levy against you. This means the IRS will remove a set amount from your paycheck until your tax debt is paid in full. It is not unusual for the IRS to take up to 75% of your paycheck, leaving you a minimal amount to meet your own monthly financial obligations. You are certainly in need of IRS tax relief if you are the victim of the IRS wage garnishment. The IRS wage levy can also be released or "lifted" but seeking expert IRS tax help may be prudent as each pay period that passes creates more financial damage.

<b> Installment Agreement</b>

You can make monthly payments on your IRS tax debt. The IRS will calculate your income and assets when you file Form 9456. After the IRS determines you qualify, they will set the amount you can pay each month to pay off your tax debt. When you are approved, you must make sure not to default on your monthly payments. Your plan will be canceled and you will not qualify for another installment agreement for six months to one year. The monthly installment agreement is the most common IRS tax relief solution for payment of back tax debts. As you can see, the IRS provides many solutions for taking care of common tax problems. You have to act fast and make sure you respond to any notices you receive from the IRS as soon as possible. The IRS will not and can not be ignored.

<b> When Negotiations Fail</b>

Most people who call the IRS directly have trouble communicating with the IRS. The IRS is trained to collect money no matter what, so having them release your IRS tax levy is nearly impossible for the ordinary taxpayer. When levies are being implemented, time is limited. It's a good idea to hire a tax care professional that can negotiate with the IRS for you, on your behalf. That will improve your chances at an IRS tax relief solution that is workable for you!