We've worked with various clients to help resolve tax problems.
There have been numerous inquiries recently into what tax relief is. This is because of the massive IRS filing of many tax levies and tax liens recently. A recent study estimates that as many as 21% of tax filers may not have had enough taxes withheld in 2018.
Though the causes of these tax liens vary between being unable to meet up with the tax debts, tax fraud, tax evasion, etc., everyone is looking into how they can achieve tax relief. The good news is, there are several IRS tax relief options available that could help you if you go about it the right away.
Tax relief is any program or incentive by the IRS and other State and local authorities that help reduce the amount of tax owed by an individual or a business entity. It’s typically targeted at reducing the tax liability of the person or business involved. Tax relief can come in the form of tax deductions, exclusions, credits, or forgiveness of a tax lien. It lowers tax bills, which is why many taxpayers, tax attorneys, Certified Public Accountant (CPA) and tax resolution experts spend time assessing which tax relief their clients are eligible for.
You should note however that tax relief doesn’t wipe out your tax bills entirely, but it’ll make paying your tax debts easier by potentially lower the amount owed.
Tax relief options differ, and you and your tax resolution expertsmust worktogether to hep determine the one option that best suits your situation.
The tax relief options include;
In this situation, the IRS allows you to break down your full tax debt into smaller, more comfortable payments, can be as long as 6 (six) years, however, you will incur a set-up fee as well as accrued interest on the unpaid balance
This option allows people who are struggling to pay their full tax bill to settle the tax debt for less than they owe. This option is permitted if you cannot pay your entire tax liability, or in situations where paying the tax debt will create intense financial hardship for you. In order to be considered for the offer in compromise, you’ll fill in an application which the IRS will review to consider some factors. The factors determining whether you can get an offer of compromising include your ability to pay the taxes, your expenses, your income, as well as your assets.
An experienced tax resolution firm or tax attorney knows how to navigate the way to increase your chances of getting an offer in compromise.
This is a situation where the IRS forgives the penalties that they’ve charged you on your tax debt if you meet specific criteria. Some of the factors that make you qualify for penalty relief include if you’ve not had any penalties for the past three tax years or if you pay or arrange payments for any taxes owed. In this option, you’ll still owe the taxes, but your overall debt will be lowered when the penalties are removed or abated.
Tax relief firms can help you achieve tax relief by negotiating with the IRS on your behalf, for an agreed upon fee. However, you’re advised to work with a reputable tax resolution company, because working with inexperienced firms or scam tax relief companies might put you in more debt. A trustworthy and reliable tax relief company will contact the IRS on your behalf and negotiate an offer in compromise, penalty or interest abatement, or an installment agreement.
The Federal Trade Commission cautions that only authorized tax professionals can represent you with the IRS, and they include enrolled agents, tax attorneys, and Certified Public Accountants (CPAs). When hiring a tax negotiator, look out for the indicators of a scam tax relief company and stay away as fast as you can.
Remember that trying to shy away from your tax bills serves you no good. Instead, it increases your tax problems by amassing interests and fees for you. Be proactive in dealing with tax issues, file your taxes, and reach out to the IRS to see the options you may have. To avoid mistakes, you can consult with an experienced tax professional such as a Certified Public Accountant (CPA) to guide you with the process.
At Tax Relief R Us, our expert tax consultants, negotiators, and mediators will negotiate with the IRS on your behalf and will help you achieve tax relief that’ll keep your mind settled and avoid wage garnishment. We navigate the tax process to work with the IRS for a better tax settlement that’ll bring a smile to your face again.
100% FREE CONSULTATION
At this stage, we discuss and understand your situation to enable us to know how best to help you.
PHASE 1: INVESTIGATION
We initiate client protection, establish communication with the IRS, and review case summary options.
PHASE 2: RESOLUTION
We establish IRS compliance and work to achieve the best resolution for you.
You gain your freedom and regain your smiling face. Case closed.
TAX BLOG TIPS TO SAVE MONEY | JACOB DAYAN
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