Overcoming Significant IRS Debt: A Single Mom’s Journey and Call for Advice

Having faced significant financial challenges, I find myself at a critical juncture seeking guidance on how to handle my substantial debt to the IRS. My journey has been far from easy, but it is one marked by resilience and determination—a story I hope others might resonate with.

Twelve years ago, I experienced a life-altering divorce that left me burdened with considerable debt. As a single 55-year-old mother of a college student, managing finances has been a constant battle. Despite the odds, I’ve successfully established a business, maintained our home, and—most notably—eradicated over $75,000 in consumer debt. Today, I proudly maintain a credit score above 800 and have achieved the milestone of being free from credit card debt.

However, my financial saga is not yet complete. I currently owe nearly $60,000 to the IRS—a debt that looms heavily over my otherwise hard-won financial stability. Of this amount, $15,000 stems from my 2023 tax return, while the rest is a lingering reminder from 2014 and 2015, a period when I was perilously close to losing my home. Although I own a small business, last year did not yield the profits I hoped for, and I’m now grappling with the challenge of addressing this substantial tax burden.

With limited savings depleted by recent tuition payments and no investments or property to my name, options feel frustratingly limited. I anticipate an inheritance from my parents one day, but obviously, that is not an immediate solution.

I’ve pondered the idea of leveraging a 0% interest credit card to address this debt. However, the thought of accumulating a new balance fills me with apprehension, considering the long and arduous journey it took to eliminate my previous credit card debt.

Any insights or suggestions would be deeply valued at this juncture. If you have navigated similar challenges or possess knowledge on effective strategies for dealing with IRS debt, I welcome your advice wholeheartedly. Your support could be a beacon of hope as I work towards securing a stable financial future.

Thank you for joining me on this quest for a solution and for any guidance you can offer.