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Owe the IRS and Can’t Pay? Why You Need Tax Relief Help

May 9, 2019

Struggling with your IRS bill? Tax relief help might be just what you need.

The sooner you tackle your tax debt, the better. Tax relief help can help you get the best possible outcome.

Check for these five qualities to make sure your tax pro is qualified and the best for you.

By now, your taxes have hopefully been filed. You may have come out of 2018 without owing the IRS (or even getting a refund). However, there’s a big chance you instead found yourself with a tax bill you aren’t able to pay. If that’s the case, don’t be too hard on yourself. Many people found themselves in this position due to a withholding mistake (thanks, recent tax reform!) Getting bogged down in frustration and fear of an unmanageable tax bill won’t help now. Instead, read on to determine if tax relief help is your best bet to focus on a brighter tax future.

You don’t have the money to settle your bill and can’t see how you ever will.

You’re feeling hopeless. Maybe your current balance with the IRS is more money than you’ve ever seen in your bank account at any given time. Or perhaps you just mortgaged a house or leased a car, and you’re concerned about what this tax bill could mean for you. Whatever financial pickle you find yourself in, the fact remains: there’s no way you can just make one easy payment to clear up this tax debt.

Tax relief help experts like ours have been around the IRS block and have seen all sorts of financial situations. They’ll take the time to learn everything important about your unique circumstance. Then, they will be able to walk you through your options to find a route out of tax debt that works for you.

You don’t know how to deal with the IRS.

Imagine the headache you’d have if you went to make that dreaded IRS call. You immediately face droning hold music. With every staticky chord, your anticipation gets worse and worse. Even if you get a pleasant IRS rep, you’re still ultimately getting ready to have a conversation with someone whose main goal is to get what you owe the government.

Okay, we’re sorry we asked you to imagine that. Instead, just imagine the headache you wouldn’t have if you had a professional working with the IRS on your behalf.

Experience is key when it comes to IRS dealings and we’ve got plenty of it. Our team has a collective 250 years of experience in tax relief help. We know what questions the IRS will ask before they ask them. And we can help minimize long delays caused by submitting unnecessary information or payment requests that we know they won’t accept. Working with the IRS is our specialty, so it doesn’t have to be yours!

You want to keep the tax relief damage to a minimum.

The worst part about tax debt isn’t the notices that the IRS will send you nonstop or even the anger you might feel for being in this situation. There are far more serious consequences ahead. From levies against your property or wages to penalties and interest that bury you in even more debt, the IRS can be unrelenting when it comes to trying to recoup what they’re due. And trust us, they can take things up a notch if they feel like you’re not paying attention.

The good news is that the sooner you tackle your tax debt, the better. By seeking tax relief help, you’ll ensure that there is a tax pro with experience and passion dedicated to working with the IRS to get you the best possible outcome.

If any of the above applies to you, tax relief help may be right for you – but be wary.

Tax relief help can really change your life. However, you’ll want to be careful. There are tax relief companies out there that will scam you out of your money and leave you in a worse situation.

Make sure any tax debt relief company you decide to work with is transparent. They should be open about their pricing and what you can expect from them. Most honest tax debt relief companies will offer a free consultation to gain a better understanding of your current situation before discussing what relief options are available to you. They won’t promise you solutions like tax debt forgiveness without knowing the full picture. Feel free to ask about their experience and expertise to ensure you’re getting seasoned professionals on your side.

We’ve helped resolve about 17 billion dollars in tax debt in the decade we’ve been in business. Our tax experts have a wide range of professional accreditations and are always ready to provide you with top-rated tax relief help. Contact us for your free initial consultation to take that first step towards freedom from tax debt.

5 IRS Installment Agreements to Make Paying Tax Debt Less Painful

April 23, 2019

IRS installment agreements: Perfect when you need a pick-me-up from tax debt

An IRS installment agreement spreads your debt over a set number of months while protecting you from serious collection tactics.

Check for these five qualities to make sure your tax pro is qualified and the best for you.

Are the back tax notifications piling up in your mailbox? Or did you end up with an unexpectedly heavy tax bill after filing this year? When faced with loads of tax debt, it can feel like you’ll be enslaved to the government until the day you die. Thankfully, the IRS offers a way to pay them back over time. An IRS installment agreement spreads your debt over a set number of months while protecting you from serious collection tactics like liens, garnishments, and property seizures.

Here are five types of IRS installment agreements to make dealing with back taxes a little less terrible:

1. Guaranteed Installment Agreement

  • Qualification level: Easy.
  • Tax debt amount: $10,000 or less.
  • You must meet the following criteria:
    • Your past tax returns have been filed.
    • The previous five years’ returns have not been filed late or paid late.
    • You haven’t used an Installment Agreement plan in the previous five years.
    • The entire tax debt amount will be paid in three years or less.
  • You don’t need to provide a full financial statement to the IRS.
  • Why apply: It’s called “guaranteed” because the IRS will most likely let you into this agreement if you meet the following criteria, and it’s simple to apply for yourself.

2. Streamlined Installment Agreement

  • Qualification level: Easy.
  • Tax debt amount: up to $50,000.
  • Thanks to the IRS Fresh Start Initiative, this is similar to the Guaranteed Installment Agreement but for those with a greater debt (up to $50,000). The payments can span for up to 72 months.
  • You don’t need to provide a full financial statement to the IRS.
  • Why we love it: Streamlined has the simplicity of Guaranteed but with a higher debt cap and longer time to pay off (and no federal liens).

3. Installment Agreement for Tax Debt of Over $50,000

  • Qualification level: Difficult.
  • Tax debt amount: Over $50,000.
  • The IRS will conduct a thorough review of your financial situation to ensure the earliest payment of tax debt. You must provide a detailed financial statement.
  • Why apply: You can pay your large debt amount over an extended period of time.
  • TIP: Enlist the help of a tax professional to make sure you provide the IRS with all necessary financial information on a Collection Information Statement (Form 433-F or Form 433-A)

4. Partial Payment Installment Agreement

  • Qualification level: Difficult.
  • Tax debt amount: Varies; unaffordable to you.
  • Why apply: If you can’t afford the minimum payment for guaranteed or streamlined installment agreements, a partial payment allows for a longer repayment term. The IRS will reevaluate your financial position (including equity in assets) every two years to see if your fortunes have changed.
  • The IRS will file a federal tax lien to protect its interests in collecting the debt. You may be required to sell property and assets to pay off your tax debt.
  • TIP: Enlist the help of a tax professional to make sure you provide the IRS with all necessary financial information.

5. Settlement Agreement (Offer in Compromise)

  • Qualification level: Extremely difficult.
  • Tax debt amount: Varies; unaffordable to you.
  • Why apply: This agreement allows you to pay less than what you owe to the IRS. It is best if you’re in a destitute situation.
  • TIP: Enlist the help of a tax professional to see if you qualify for Offer in Compromise and to help you start the vigorous application process.

Let’s Make a Deal (with the IRS)

No one said paying back taxes would be easy. Dealing with the IRS isn’t any better.

Taxpayer history is the primary factor in determining what kind of IRS installment agreements you qualify for. If you’ve made a payment plan in the past with the IRS that didn’t work out too well, the IRS may be less likely to give you another chance. Additionally, the installment agreements above are all for personal tax debt. Agreements for business tax debt are a whole new ballgame in comparison.

No matter what your situation is, the best way to find a positive outcome when seeking an IRS installment agreement is to contact a tax professional. Tax experts like ours exist to help taxpayers like you who fall into common, yet unfortunate tax situations get out of the pit. Our tax professionals have consulted on over $16 billion in tax debt since 2007 and help hundreds of taxpayers score IRS installment agreements every day. For a free consultation on IRS agreements, give us a call today.

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