subject: When Tax Relief Is Needed [print this page] Sometimes there are too many bills and too little income. When this occurs, taxes may be overlooked and as tax season approaches the financial stress may feel overwhelming.
Tax relief is deductions that help reduce the amount of tax that an individual owes to the IRS. Reductions through deductions can include savings in the form of pension contributions, capital gains losses, and business losses.
There are many relief companies. Most of these companies offer genuine help to those in need of honest tax debt relief. You can find a relief company that will fit your needs and help lower the financial stress of taxes that you are feeling.
Keep in mind that relief of this nature is generally for those who are very behind on their taxes and absolutely cannot pay what is due to the Internal Revenue Service.
When you owe more taxes than you can pay there are companies that are there to assist you. In the United States, there are more than thirty thousand enrolled agents that are looking to help you.
The IRS has set up guidelines to assist those who financially cannot afford to pay their taxes. Depending on the situation and with the help of a tax company, it may be possible to reduce and possibly eliminate the financial stress of taxes.
If possible the best way to work with the IRS is to pay your taxes in full. It makes the whole process much easier.
Although this would be nice, it is not always possible. When you need relief here are some options, that may be available based on the situation.
One way to settle your tax debt is with a payment agreement called, an offer in compromise. This is a very common method for tax relief.
An offer in compromise (OIC) is an agreement made between the taxpayer and the IRS that settles the taxpayer's liabilities so that they owe less than the full amount they originally owed. An offer in compromise provides relief to those who need it.
After the offer in compromise has been made in full, tax payments will need to be kept current for the next five years. If you do not keep current for the next 5 years there may be serious ramifications.
Another option is a payment plan. This allows a person to pay their taxes in small amounts on a monthly basis.
Payment plans can be a great way for taxpayers to get their taxes paid off in installments rather than one huge payment. This way you can make manageable goals for how to pay off your tax debt.
In order to qualify for a payment plan, the taxpayer must submit paperwork showing that making a large payment to the IRS is not a possibility at the current time. The IRS is generally willing to come to some type of resolution for people in this situation.
In any case, if you truly find your self in need and cannot pay what you owe the government there's someone that can help you. Don't fight it; just make a plan and make it happen.
