Question: I’m fretting! I owe a substantial amount to the IRS — somewhere in the neighborhood of $225,000 — thanks to high earnings five years ago, some bad previous advice, and tough times in recent years. I want to move on with my life. What can I do? Are there any options available to me?

Answer: Indeed, I think you’ll be surprised by just how many options you have available to you. Although the old saying about death and taxes is certainly true, dealing with the IRS isn’t a battle between David and Goliath. You have options.

Once you find a qualified tax professional who can help you, the first step you and the tax professional will take is to examine your previous tax returns to ensure that you did not overestimate your tax debt in previous returns. Once that is complete, you may find that either an Offer in Compromise or an Installment Agreement is the best option for you.

An Offer in Compromise, believe it or not, is a way to reduce your tax debt by pennies on the dollar. Through this program, the IRS will allow taxpayers who do not have the financial wherewithal to settle their tax debt to, instead, make arrangements to pay what they can. An Offer in Compromise isn’t for everyone, but if you no longer have the financial fortitude you once did, this could present an excellent way for you to finally rid the taxman — and his substantial debt — from your life.

The other option you have is an Installment Agreement. If you do in fact have the financial resources to pay off your debt but cannot simply write a check for the full amount, the IRS will allow you to settle your debt over time by making small monthly payments. Think of this as a car payment: Though small individually, the payments will add up over a period of years and finally pay off your debt. Simple, right?

It honestly can be. I’m an IRS Problem Solver. I deal with problems such as yours every day. Why not settle your tax debt once and for all?