Owing money to the IRS can be really stressful especially when you have other financial obligations. Thankfully, getting a tax relief is easier than you think. There are many great options available to those people willing to resolve whatever problems they have with the IRS.
What To Do First For Tax Debt Relief
First, calculate how much you really need to pay off. It’s imperative that you know the exact amount, so you can keep track of your finances. The IRS should be able to tell you how much you really owe them. Once you have that information, analyze your financial situation. How much can you allot to get tax debt relief? Are you able to afford it? Never promise what you can’t deliver as it will cost you more problems. Remember that if you aren’t able to meet the terms, you won’t get another shot.
What If I Don’t Know How Tax Debt Relief Works?
If you’re completely clueless, unsure, or owe a great deal of debt, perhaps you should consult an attorney, someone who knows how tax debt relief works. He should be able to educate you as to the implication of your tax liability, and what you can do to alleviate the problem. These attorneys do have some connections with the IRS who can help you. An expert tax debt relief attorney will surely save you a lot of money.
Other Resources For Tax Debt Relief
There are agencies that offer free help to people who need them. Reach out to these agencies as they have people who can give you the best option to get tax relief. They will help you work with the IRS as to how much you can really afford to pay. Usually, they can help you spread out the payments to over three years. That’s already a big help.
Beware Of Scams
While there are people willing to help, there are also those who only care about getting other people’s money. Watch out for these scam tax relief agencies, as they will hurt you financially. The best way to find out whether the company is legitimate is by checking with the Better Business Bureau. Companies with the BBB stamp are most likely legitimate.
Make An Offer
Another good alternative to the tax relief is by taking advantage of the Debt Relief Agreement that’s been used since the 1990s and part of the Tax Code 7122. This agreement is called an Offer in Compromise or an OIC. The IRS sets up a tax debt relief lawyer who will work with you as the process is quite complicated.
If you don’t qualify for an OIC agreement, the IRS may give you two options to pay off your taxes. Depending on your financial situation, they can either let you pay them in installments of up to three years, or freeze the debt until you are financially capable of paying them. Just be honest with the IRS regarding your financial situation so they can give you the best option.
No Running Allowed
Whatever you do, never run away from the IRS. You can’t escape from your tax liabilities. The longer you put it off, the bigger it’s going to cost you. Work with the IRS as they are actually willing to help you. Or seek help with other agencies who are committed to assisting people who need tax debt relief.
Getting out of debt is easy if you know how to manage your financial situation. If you’re been having
problems resolving your issues with the IRS, try the options above. Get help when you need to. Don’t
worry, help will be available to those people who seek for it.