The Home Entrepreneur And Irs Relief
More and more people today are starting work from home online businesses and while
there is a great upside to this, there are also responsibilities that a business owner has that an employee never will. While employees pay their taxes, since it is automatically done by the payroll department of the company or business that they work for, entrepreneurs must have the self-discipline to set up a separate account at their bank and deposit enough money into it to cover their taxes at the end of the year. After that, then you get to pay the IRS quarterly if you are not already doing it. In the event that you need some form of IRS relief, there are specific steps that you may want to take.
Being in trouble with the IRS is not any fun. Delinquency notices, threat, penalties, interest, just plain old harassment can be the standard operating procedure for IRS collection agents, but playing the victim card is not what entrepreneurs are known for. If you are experiencing a tax problem, you need to keep it from becoming a tax crisis and there are some things that you can do to get some form of tax relief.
Tax or IRS relief can come in different forms. Below are some examples of different types of tax help out there for most taxpayers:
Offer In Compromise
The Offer in Compromise program, if you qualify, allows taxpayers to settle their IRS obligation for less than they owe. There are 3 different types of OIC that a taxpayer may qualify for.
1. Doubt as to Collectability - Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
2. Doubt as to Liability - A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to the liability offer include: (1)the examiner made a mistake interpreting the law, (2)the examiner failed to consider the taxpayer's evidence or (3) the taxpayer has new evidence.
3. Deferred periodic Payment Offer - Payable in non-refundable installments; the offer amount must be paid over the remaining stator period for collecting the tax. The first payment and the $150 application fee are due upon filing the Form 656. Regular payments must be made during the investigation.
The offer amount must include the realizable value of assets plus the total amount the IRS could collect through monthly payments during the remaining life of the statutory period for collection.
If you have not filed your tax return because you did not have or do not have the full amount ready to pay the IRS, you may file an extension by going to www.irs.gov and downloading Form 4868 and filing a six month extension. What you must remember when filing your extension is that 90% of your full tax debt is still due at the April 15th deadline, however, if you do not have the 90% at the April deadline, then it is recommended by the IRS to pay what you can. Paying a lower amount will not relieve your obligation, but it will keep you from having to pay interest on the full amount owed.
If you are unable to pay your tax liability, do not panic file your tax return and pay as much as possible to avoid penalties and interest. You may also want to contact the IRS to discuss your payment options. You may contact the IRS at 1-800-829-1040. The IRS may also be able to provide relief in the form of a short-term extension to pay. You may also be able to set up an installment agreement or an offer in compromise.
If you are too far along to file for an extension or if you feel like you are not knowledgeable enough to file for an OIC on your own, then there are companies and professionals that can assist you. These IRS relief companies generally are IRS tax specialists and tax attorneys with a large amount of experience dealing with tax liability issues. You should be able to find companies that provide IRS relief by searching for them on Google or some other search engine.
It's never a good idea to get behind on your taxes, but you must also realize that just about every case there is some type of IRS relief that you can pursue. The stress and suffering that many feel can be, in many cases, alleviated almost immediately and remember stress and worry arent going to help.
by: Mark Graham
The Best Constipation Relief Debt Settlement Help: Relief For Strapped Consumers Hemorrhoids Relief - Symptoms, Treatment, And Prevention How To Get Relief For Heartburn Naturally Natural Joint Pain Relief To Take Away The Joint Pain The Real Relief Of A Perfect Fit Rosehips A Blessing In Disguise For Joint Relief. Use A Joint Supplement For Joint Relief! Joint Relief Limited Aids In Sight. Suppressing Process For Natural Joint Pain Relief Antacid Tablets Are Only Good For Short Term Relief Fibromyalgia Pain Relief Dealing With The Pain Exactly What Is Fibromyalgia Pain Relief