If you're in debt to the Internal Revenue Service, the worry of owing back taxes may be eating away at your peace of mind. Taxpayers who owe large sums of money to the IRS have to concern themselves with the possibility of tax liens, tax levies, and potential legal action. Instead of dealing with the stress of being in debt to the IRS, it's much better to find ways you can settle your back income taxes. Doing so quickly will help you settle your account and sleep better at night.

1. Contact the IRS about an installment plan.

The easiest way to pay off your back taxes is to arrange an installment plan with the IRS. These plans are very easy to set up - they usually only require one or two forms - and you can even choose which day of the month you'd prefer to make your payment. There is one condition, though. Generally, the IRS will only accept an installment plan that allows you to pay off your entire balance within three years. So, if you owe $10,000 and you only want to pay $1 per month, the agency probably won't accept your request.

2. Find a way to pay your balance in full.

The reason most taxpayers use an installment plan is because they can't afford to pay their entire balance at once. If you have the money, though, it's a great idea to settle your account right away. Paying off the balance will save you quite a bit in interest fees and late penalties. Even if you don't have the money in cash, it may be to your benefit to use a low-interest credit card to pay off your balance.

3. Hire a tax professional to help you.

If you're unable to come up with a way to pay your taxes yourself, talk to a qualified tax expert about other possible options such as an offer in compromise or claiming financial hardship. These provisions are available to all taxpayers but it is notoriously difficult to get these requests approved. An experienced tax professional can examine your financial situation and help you decide if these options are a good fit for you.

Regardless of how much debt you owe, learning about ways you can settle your back income taxes can be of assistance to you. Once you've found out about the possible methods to pay off your account, you can file your future returns without worrying about your past coming back to haunt you.