Choosing The Affordable Tax Relief Method That Works For You
| 14:10:00 |
Most of Americans pay their taxes every year on time. These individuals may resent having to give the government money to spend as it sees fit, but they do it anyway. They know this is preferable to getting into a situation in which the Internal Revenue Service is sending notifications and threatening to take action unless the required debt is paid. You may think you have no good options when it comes to getting out of this kind of problem, but there is affordable tax relief available if you know where to look for it.
There are any number of reasons why you don't want to get in trouble with the IRS in the first place. The Internal Revenue Service can, and will, garnish your wages if you are employed. It can even garnish Social Security. It can seize assets. If you have a checking or savings account, the IRS can instruct your bank to immediately remove all available funds in your account, up to the amount they say you owe, and send the money to them after a three week period.
There are things you can do however to prevent some of this from happening. The most important thing you should do is to stay cooperative and communicate with them. It will not help your case if you ignore written notifications and hope the problem will go away. It will not. One of the most common methods of paying back taxes is by coming to an installment plan agreement with them. You will make monthly payments, much as you would with a credit card, until the debt is paid.
You may be able to negotiate a compromise with the IRS and pay back less than you owe by making a lump sum payment or paying the reduced amount over a short term. This compromise has the added benefit of saving you a lot of money in interest and penalties.
It is actually possible to become a person who is not currently collectible. You will probably need a good tax attorney or public accountant to help you go through this, but if you are successful, they will not seize assets during a specified grace period.
There are such things as credit card debt settlement companies that market to individuals in trouble with the IRS. This may or may not be a good idea. If you decide to use their services, be sure you get all the agreements in writing.
You may qualify as an innocent spouse, when you have a husband or wife who owes back taxes. Those who fall under the IRS guidelines aren't held responsible for their spouse's debt. Filing bankruptcy is always an option. Most of the time it will not relieve you of IRS debt, but it is possible under certain circumstances.
It is better to pay the taxes you owe every year, fill out the forms, and file on time. When you can't do that, there are options available.
There are any number of reasons why you don't want to get in trouble with the IRS in the first place. The Internal Revenue Service can, and will, garnish your wages if you are employed. It can even garnish Social Security. It can seize assets. If you have a checking or savings account, the IRS can instruct your bank to immediately remove all available funds in your account, up to the amount they say you owe, and send the money to them after a three week period.
There are things you can do however to prevent some of this from happening. The most important thing you should do is to stay cooperative and communicate with them. It will not help your case if you ignore written notifications and hope the problem will go away. It will not. One of the most common methods of paying back taxes is by coming to an installment plan agreement with them. You will make monthly payments, much as you would with a credit card, until the debt is paid.
You may be able to negotiate a compromise with the IRS and pay back less than you owe by making a lump sum payment or paying the reduced amount over a short term. This compromise has the added benefit of saving you a lot of money in interest and penalties.
It is actually possible to become a person who is not currently collectible. You will probably need a good tax attorney or public accountant to help you go through this, but if you are successful, they will not seize assets during a specified grace period.
There are such things as credit card debt settlement companies that market to individuals in trouble with the IRS. This may or may not be a good idea. If you decide to use their services, be sure you get all the agreements in writing.
You may qualify as an innocent spouse, when you have a husband or wife who owes back taxes. Those who fall under the IRS guidelines aren't held responsible for their spouse's debt. Filing bankruptcy is always an option. Most of the time it will not relieve you of IRS debt, but it is possible under certain circumstances.
It is better to pay the taxes you owe every year, fill out the forms, and file on time. When you can't do that, there are options available.
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