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Tax Relief Options

Finding Tax Relief

When you’re seeking relief for your tax debt, you may actually be eligible for a couple of different solutions. More than likely, though, IRS tax relief for your specific problem will lean strongly in one direction. When you’re considering various tax relief services, how do you know which one is right for you?

Tax relief help can mean different things to different people. The most appropriate tax relief program for you will depend on the type of tax problem you’re facing, how much you owe, the age of your liability, and the current level of IRS action. Take a look at some common resolution scenarios and consider whether they’re right for your tax concern.

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IRS Tax Settlement

You’ve probably heard of IRS tax relief programs designed to reduce your debt to practically zero. Unfortunately, these don’t really exist. However, one form of IRS tax relief is a settlement program known as the Offer in Compromise. This does allow you a reduction in IRS tax debt, helping your situation considerably. However, requesting an Offer in Compromise can be time-consuming and complex. Additionally, attempting such a settlement agreement when you do not qualify can create complications with the IRS.

Installment Agreements and Currently Not Collectible

One major advantage to having a delinquent tax balance is that you don’t necessarily have to pay it all back at one time. The IRS allows qualified taxpayers to take advantage of Installment Agreements, which allow a tax debt to be paid over an extended period of time. If you qualify for an Installment Agreement, you will be permitted to pay an agreed upon amount every month until your tax debt is paid in full.

The IRS also recognizes that you may not have the ability to pay anything towards your delinquent liability. In the event that making even monthly payments would present you with a financial hardship, you may qualify for Currently Not Collectible status. This enables you to pay nothing on your tax debt until your financial status improves, and prevents the IRS from taking collection action against you during this time.

The Advantage of Tax Relief Assistance

When you’re working on an IRS resolution, you may not want to do it alone. You have the option of choosing a tax resolution company to assist you. Tax relief specialists can help ensure that you are actually attempting the correct resolution and can execute it on your behalf. Why is this to your advantage?

Simply determining the most appropriate tax debt resolution can be tricky, especially if you have little experience with it. The actual preparation of many tax debt solutions can also be complicated, and you must have a clear understanding of what information should or should not be included in correspondence with the IRS. These subtle but important details can make or break your tax resolution. Before making up your mind to enlist a tax pro or fly solo, you may want to schedule a no-cost consultation. At the very least, you’ll know what form of tax relief is best for you.

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