Get your relief with the tax debt relief program
A lot of people think that the tax debt relief program is much like the service offered by the IRS in order to lower the taxes for individuals or businessmen if they participate in the government programs. Here we will talk about thousands of people looking for the tax relief with the help of the named program. They work with the tax issues, IRS audits, unfiled tax returns etc.
For the listed individuals and businessmen the tax debt relief is available in cases:
- They arrange a payment plan of monthly payments lasting until the entire amount is paid off;
- The plan includes the penalty abatement negotiation and possible elimination of all the penalties usually charges by IRS for the tax failure;
- The prior IRS decision is appealed;
- The already closed audit is reopened;
- The Offer in Compromise given directly by IRS is submitted, so the amount of the owned tax liability is reconsidered;
- The innocent spouse is qualified;
- The statute of limitations are allowed to be expired;
- The announcement of bankruptcy.
Every payer of tax has the opportunity to seek for the tax relief within the limits offered by law. Still the situation is various for each single case. The options of tax debt relief appear to be rather confusing for the average person to the point where he just has no idea of how do get what he needs.
To get eh qualification you need to fill out the set of forms within the defined period. This includes also the tax filling. Keep in mind there are limitations to the tax relief which vary for businessmen and individuals and might be different under the number of circumstances. Most of the limits can be somewhat negotiated.
The disadvantage of not knowing the tax debt relief policy is that while you try to comprehend how the things shall be done, the fines and interests go on growing. At the end most people just give up and turn to IRS not to get their burden overgrown.
In case you owe IRS 10 thousand dollars or less, you can resolve the tax debts you’ve got. We offer five ways of getting the tax debt relief, so you have at least five options to choose from.
In case your burden is between 10 and 25 thousand dollars, you better opt for hiring the tax specialist to make sure your tax returns are legal and accurate. Also he will help you fix the payment plan you will afford.
If the amount of burden is 25 thousands and more, your only option and hope is the highly qualified professional.
How to find the specialist for tax debt relief?
Here are several options of how to find the suitable person to take care of your taxes.
1) Ask the tax pros to advice their credentials
The licensed professional in the tax field has to be also tax attorney, enrolled agent or the certified public accountant. The enrolled agent is able to work in any state, while the attorneys and CPAs can only reform their duties in the state they’re licensed in.
2) Keep a hand over your costs
You will be charged the hourly rate or will pay for the given services or even charged for the whole work done. You can ask your tax pro to concentrate on the tasks that are the most important ones for your case. More valuable tasks, less paperwork – this plan will keep your money saved.
3) Fill the amended returns as well as the late tax returns
There’s a little secret about the tax debt relief. You’re in rather advantageous situation in case you haven’t filled out your taxes at all. This allows you to deduct each tax and legally try to reduce it before the actual payment.
If it happened so that your taxes are already filled, your hired specialist can take some time to revise them for the accuracy and the correct dedication. The return process will need a lot of paperwork, still it’s worth it. You will need to gather a lot of supporting documentation, so that you will get the chance to reduce the risk – keep in mind that IRS will run a close audit of the taxes.
The best option is for the tax specialist to retrieve the documentation from IRS and compare it to the docs you already obtain. Only when the situation is monitored throughout, you can take your chance.
The strategies of the tax debt relief
Here are five main strategies to help you to run the tax debt relief procedure.
1) Installment agreement
This is the monthly payments made directly to the IRS.
2) Partial payment installment agreement
This way of tax relief program is rather new and offers the long term payment plan with reduced money amounts.
3) Offer in compromise
Within the limits of the program you’re free to settle your tax debts with lesser amount of money than you would have needed without these special conditions. The lump sum or the defined short term payment will be done to IRS.
4) Not currently collectible
In this case IRS just decides not to collect the tax for some period of time.
5) Filing bankruptcy
This is the last resort for the people in the debt trap. It’s available according to the Chapters 7 and 13 of the law.
What shall I do next?
You can use the given options in order to improve your general chances for successful outcome of your tax debt relief case. For the better chances why not to let our specialists give you a hand?
We do all the possible services in the field of the tax relief and can guarantee you everyday support and close attention to your case. Don’t delay and call the experts today!