Receiving a letter from the Internal Revenue Service is a frightening experience. However, the way you deal with it will make the process either easy or difficult for you. Ignoring the letter or going against the IRS will only land you in hot waters. Moreover, finding a solution yourself will also make it difficult to resolve. Therefore, the best solution is to seek professional help from tax resolution services.
In the event that you have not paid your taxes on time, it would be a sensible decision for you to google tax resolution services near me and contact tax resolution professionals. These people are an expert on tax services and therefore will take measures to prevent you from receiving tax penalties.
In this article, we have described ways in which you can be helped by a tax resolution professional to get out of the critical situations.
So, let’s dig deep into it and see what they have to offer.
Ways In Which Tax Resolution Services Can Help You
The tax resolution is the process in which the IRS and your tax professional work together to find a plausible tax solution for you. Since the tax professional has knowledge of the process and knows the ins and outs of tax resolution, they can deal with the IRS in a better way to help you get a good deal.
Going For The Fresh Start Program
If you have not paid your taxes for a long time, it is not like Internal Revenue Services will not come after you. They will make you pay the taxes one way or another. This can be in the form of a tax lien on the property or cutting your wages. Even if you go bankrupt, the IRS is not going to leave you without recouping the taxes.
Therefore, one solution offered by the IRS is the fresh start program. As per this program, the IRS will charge the amount a taxpayer can afford to pay for the previous taxes. This is particularly for the people whose tax along with compound interest has been collected over the years and they cannot afford to pay the full amount. With this program, such taxpayers can easily clear their previous taxes without getting their budget tightened.
Removal Of Tax Lien
A tax lien is imposed by the IRS on the property if you have not paid the delinquent taxes. The IRS cannot impose a tax lien if the tax amount is less than $10,000. Further, if a tax lien has been imposed on one’s property due to non-payment of taxes, then one cannot sell the property regardless of the fact that they are in need.
Here again a tax professional will help you reach a compromise with the Internal Revenue Services. They will fill out all the paperwork required to remove a tax lien and get you a compromised deal that will work in favor of both you and the IRS.
Submit A Notice Of Deferment
Another way in which tax resolution services help you pay your taxes easily is by the use of a notice of deferment. Ethically, you should pay your taxes on time. However, if due to some reason you are unable to pay your taxes by the due date you can make use of the notice of deferment. This helps you gain an extra 180 days for tax return. During this time, you can arrange the amount to pay your taxes.
A tax filing extension is available for those who served in battlefields or dangerous circumstances, but they need to provide all proof.
Divide In Installments
The IRS has many solutions for the people who are willing to pay their taxes and had genuine reasons for skipping the tax paid earlier. One of the solutions is in the form of the installments. If you are under $50,000 in debt, then you can have a period of up to 6 years to clear your tax records. This can be done by direct debit payments.
However, if you owe a higher amount and require more time for tax payment, then you need to submit additional financial documents to the IRS as proof. If your documents are legitimate and depict what you say, chances are that they will extend your installment period. Therefore, paying the taxes in installments will make it a lot easier for you and will neither land you in any difficult tax situations nor will it leave you bankrupt. The tax resolution services help you throughout the whole process.
Offer In Compromise Option
The offer in compromise option comes into play if you do not have the financial means to pay your taxes within a certain time. For this, you will have to disclose all your financial documents that prove that you cannot pay the required tax amount in due time.
In simple terms, an offer in compromise lessens the total tax amount that is to be paid. Therefore, a taxpayer can easily clear their delinquent taxes without facing bankruptcy or any other financial strain. However, if you already have a fresh start program then you are not eligible for an offer in compromise. Therefore, it is crucial to contact experienced attorneys who can help you get the best deal for your non paid taxes.
Benefits Of Tax Resolution Services
Apart from offering you easy tax payment options, there are several other seen and unseen advantages of tax resolution services. Let’s see what those are.
- You will not get bankrupt
- Many liabilities and tax solutions provided
- Fair and equal tax representation
- Maintenance of privacy
- Challenging the Internal Revenue Services in a fair and just way
- Paying as per your ability
- Using your rights as a respectable citizen
- Retaining your reputation
You will receive help from the IRS if you live a good life and pay all your taxes on time, but later fail to do so. Furthermore, tax resolution services ensure that citizens receive all the relief provided by the IRS and can pay their delinquent taxes without losing any property, getting bankrupt, or falling under financial strain.