Tax Relief is Within Your Reach!
When you’re seeking IRS tax relief, you probably don’t know where to start. Receiving a notice requesting payment for an IRS debt will likely come at the most inconvenient time for you. Considering your usual bills, your work obligations and your family responsibilities, a tax debt can strain your time and wallet. The good news is that IRS tax relief is possible and it’s within your reach.
Your IRS Tax Debt
Although there are many reasons why you might have an IRS tax debt, the notice you will receive will be standardized. It will list the amount that you owe, for what tax years, when your payment needs to be made and any IRS action that may be pending. Also, if you have questions about your IRS debt, a phone number will be provided for you to call. Before you take any action, though, you need to make sure that the information you’ve received is correct. If you review your records and the notice is inaccurate, you can put a stop to your IRS debt before it even starts. On the other hand, if you discover that the tax debt is correct, you’ll want to explore your relief options.
IRS Tax Relief Programs
There are a number of viable IRS tax relief programs available to you. First, you may not be able to pay the full amount that the IRS is asking for. If this is the case, your IRS relief may come in the form of an Installment Agreement or some other form of IRS payment plan. This will allow you to pay your tax debt over months or even years. Another option may be to seek Currently Not Collectible status. This is ideal if you are unable to make any payment toward your tax debt, and prevents IRS collection action for a certain period of time, perhaps indefinitely, effectively leading to IRS forgiveness of debt. Yet another option for IRS tax relief comes in the form of a settlement. Complete IRS debt cancellation can occur from a Chapter 7 or Chapter 13 bankruptcy.
Tax Debt Settlement
In some cases, the IRS may be willing to settle for far less than what you owe. The qualifications for such a request, such as an Offer in Compromise, can be quite strict and will require you to provide detailed financial information. It’s also important to remember that only a small percentage of settlements are actually approved by the IRS each year. Additionally, your tax debt statute of limitations are suspended when your settlement request is being reviewed. This effectively extends the amount of time the IRS has to collect what you owe. A tax debt settlement may be your best option, but you should definitely consult a tax relief expert before moving forward.
Professional IRS Tax Relief Assistance
No matter what course of action you’re considering, it’s a good idea to consult with a licensed tax professional first. Such an individual, like a tax relief attorney, can provide you with a free consultation to determine what option is going to work best for your particular situation – and your budget. You may find the internet a useful tool in locating a reputable company or individual to work with. Look for tax professionals who have at least five years’ worth of experience handling tax issues, and take a close look at tax relief reviews; the Better Business Bureau is an excellent resource. Opting for professional assistance when handling your IRS tax debt may be your best move.
Tax Defense Network can provide you an affordable tax solution today, call now!