Tax Relief Blog
HOW TO GET TAX DEBT RELIEF
One of the most inevitable and obligatory duty and yet most disliked one, of the American citizens is paying taxes. Even though it is disliked by many, refusal and negligence in doing so can be held accountable; in the harshest manner. Taxes are unavoidable. Period. They have to be paid. Turning a blind eye to pay taxes and filing income tax returns, is why the problem of taxes arises. If such problem arises, running from pillar to post will not help you. You will need a solid professional help in tackling tax debts. It is then people will most likely need a tax debt relief.
What is tax debt relief?
It is a respite; an easy going alternative offered by the IRS by way of negotiations, to the taxpayers who are blacklisted as defaulters and non-filers.
How can I get tax debt relief? Can I do it on my own or do I need professional help?
Although there are many people out there who have tried getting the tax debt relief on their own, however, they weren’t as successful as the people who hired professional help for their tax debt relief as they need to tackle a lot of tedious tax laws and fulfill a lot of conditions and submit the necessary documents in a proper manner.
Is there any way I can get tax debt relief? And how?
Of course there are ways to get tax debt relief!!! However, you first need to determine the amount of taxes you owe to the IRS. This information is usually and in fact frequently sent to you straight by the IRS, in order to settle the owed taxes. Then you need to figure out your actual financial situation and see where it takes you in the future.
Though the IRS is considered as a Monster in Black; it does have humanitarian side to it. Basically there are three ways to get tax debt relief:
Offer-in-compromise: “Offer-in-compromise” or “OIC” as it is known is one way to get tax debt relief. It is a legal agreement or arrangement between the taxpayer and the IRS which is rather complex. With the help of this agreement, you make an initial offer to the IRS i.e. offering to pay an amount which is rather less than the tax owed. However, for this you need to give a valid proof that you cannot pay more than what you have offered. You might need a solid and valid proof to show and convince the always reluctant IRS. Though half of the time IRS is known to have denied the OIC that is offered, they however show clemency, if shown the actual facts. So, if you are one who wants tax debt relief, you should hire a tax professional who will navigate you through this process as the OIC is known to be complex, time taking process.
Installment agreement: If in case the first option doesn’t work out, you could also go for the second option which is the installment agreement. This is a long term payment plan that is agreed upon by the taxpayer and the IRS. Installment agreement as such is paying the taxes owed in full but in equal, smaller, more manageable monthly installments (EMIs). Within this, you will find several different types of payment plans. If you owe less than $25,000, you may even qualify for an online payment agreement (OPA). OPA or no OPA, if would be quite wise, if you seek the guidance of a tax professional, keeping in mind the complexity of the problem.
Extension: The third option is to request for an extension period to pay off the debts. Negotiating with the IRS for an extension wouldn’t be a problem for the IRS rather it would happily agree to it as long as you keep your promise. The IRS normally would give an extension of 45 days however; if you are one of the few lucky people you might also receive multiple extensions.
If you are looking for a professional help who can ease you through tax debt relief, visit www.myirstaxrelief.com. Mike Habib, an IRS enrolled agent and founder of the company will work with you, act as a medium and hold negotiations between you and the IRS. He will go through your case details; offer inputs whenever and wherever necessary and most important of all, get you the tax debt relief.
