Tax Settlement, Tax Debt Help, Tax Attorneys
When you owe money to the government, it can be worrisome. Drowning in credit card or student loan debt is intimidating, but owing the government money can potentially disrupt your way of life. For this reason, many people choose to ignore the problem or search for a debt relief program that sounds too good to be true. If you find yourself wondering, “Do I Qualify for Tax Debt Relief?” The reality is this: The primary goal of the IRS is to collect their money on taxes owed. Realistically, you have three options:
INSTALLMENT PLAN (STREAMLINED INSTALLMENT AGREEMENT)
Life happens. And the IRS understands that. If you are unable to pay the full balance of your debt, communicate that with them. Installment plans are a viable option for individuals who owe up to $50,000 in back taxes. You will still have to pay late fees and penalties, but you are also avoiding heavier penalties such as wage garnishment or tax levies against your property.
TEMPORARILY DELAY THE COLLECTION PROCESS
If it is apparent that you cannot pay any amount toward your debt, the IRS may temporarily suspend the collection process for a certain amount of time until you are able to get back on your feet. If your financial situation doesn’t improve, you may qualify for an offer in compromise.
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OFFER IN COMPROMISE
An offer in compromise (OIC) is when the IRS agrees to settle your debt for less than the amount you owe. This is usually only an option when it is evident that you will never be able to pay back the total amount of what you owe or paying back the amount would put you in a position of financial hardship. Before considering you for this program the IRS will go through your financial background thoroughly. If there is even a slight possibility you can pay back the full amount owed, you will not qualify.
Never assume that the IRS will forgive your debt. It is recommended to always exhaust all of your payment options before considering an OIC. Even if you do qualify, it can be an invasive and tedious process. If you’re feeling overwhelmed and at a loss of where to start with paying back taxes owed, please contact Advance Tax Relief at 713-300-3965.
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018/2019 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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