Learning The “Secrets” of Options

Top Tax Relief Solutions Getting a tax bill from the IRS happens to many and is certainly not a good situation to be in. How much is owed can be thousands of dollars and that is a mountain of money to many that are not wealthy to begin with. There are some great tax relief solutions that can be utilized to make it easier to pay the tax bill owed and reduce some of the worry surrounding it. A tax relief solution available is known as not collectible status. Those that are facing wage and bank account garnishments or property liens may benefit from utilizing not collectible status. Having a portion of wages garnished can be a big financial devastation to many. A lien being placed on important assets and homes is one of the most difficult to deal with as that is often a person’s primary residence and their home that they have lived in for years. A not collectible status can make it possible for you to stay in your home and avoid the dreaded lien process. This type of status approval is often best achieved with a qualified tax attorney to assist. Not collectible tax relief can make it easier to get life on track and bring back financial stability. Ten year statutes of limitations applies to IRS tax bills and they cannot be collected after ten years has expired. A viable tax relief solution for many is to enter into an installment plan with the IRS. An option such as this is beneficial for those that cannot afford a lump sum but can afford a monthly payment plan. You can get a payment plan by applying with the IRS at their website or mailing in the proper forms along with paying the application fee that they charge. If approved, they will offer various payment options that are convenient to you. It may be wise to pay with the auto drafting bank account method as it ensures that it is paid on time and there is no room for mistakes. Last last tax relief option to be discussed is called an offer in compromise. The offer in compromise is when there is a payment for less than what is believed to be owed and the IRS settles for that lowered amount. The offer in compromise option is often the hardest one to get approved as they require proof of insolvency or financial distress. Those that can show they owe less than the IRS billed you for may also be able to get this type of settlement approved. An approval for this type of tax relief can be great due to the fact that it could save a lot of money to the taxpayer. An IRS tax relief solution can really help and these examples should give you an idea on what you can do.Why not learn more about Solutions?

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