If you are one of the many people who are unable to pay their taxes, don’t despair; there are a number of things that you can do to reduce or even eliminate your IRS debt. Here is a list of the five most common ways to take care of IRS dept

1. Payment agreement – You can agree with the IRS to a payment schedule that will allow you to successfully pay your IRS dept over a long period. This method stops action by the IRS such as liens, collection harassment and also stops the accrual of interest and fees.
2. Settlement – If you can prove to the IRS that you have no way to repay the dept, and that your only other recourse is bankruptcy, they may settle your IRS dept. They don’t normally advertise what they will accept, but reports have shown that they accepted as little as $0.12 on the dollar.
3. Discharge – It is possible to have old IRS debt discharged in a bankruptcy, but there are a number of rules that apply. Most of these rules have to do with the amount of time that has passed since the debt was due and you must show a willingness to pay your taxes if you can. You also need to file your tax return every year.
4. Expiration – The IRS has 10 years to collect on the debt. If you can hold them off, there is a slight chance you can avoid paying the dept. This is the riskiest choice and is not recommended. 
5. Abatement – You can have the amount of IRS debt you owe changed in a number of rare occasions. If for example the debt was caused by your spouse, you might be seen as and innocent spouse and thereby have the entire debt removed.