5 of The Best Tax Debt Relief Options

Friday, September 25, 2020, 6:00 PM | Leave Comment

When it comes to tax debt relief, there are seven proven tax relief alternatives that employ almost on a daily basis: full or partial pay reductions.

These are known as seven programs because each of them targets different tax liability issues.

  1. Full or Partial Pay Reductions

    This is probably the least publicized, yet the most under-utilized tax debt relief option. A full or partial pay reduction can lower tax liability by up to 100% when used on a regular basis.

  2. Penalty Abatement and Incentive Relief Programs

    These two programs are commonly utilized by taxpayers who have overpaid taxes due to certain circumstances. A taxpayer who is delinquent in his or her tax obligations can apply for penalty abatement on all back taxes. And if you have multiple debts, then you can combine these debts into one account to receive tax relief. If you qualify for this program, you will find that you will save a substantial amount of money on taxes every year.

  3. Relief Through Tax Settlement

    This is perhaps the best known and most popular tax debt relief option, as more than one billion dollars in taxes can be owed to the IRS. You may have received a notice from the IRS stating that you owe taxes, but it does not necessarily mean that you owe all of it. In order to reduce your taxes, you must go to court to request a tax refund, or file a tax debt relief petition.

  4. Tax Attorney Services

    This option is especially important if you have questions about your tax obligations or want to learn more about tax planning. If you do not have knowledge of how the tax laws and regulations apply to your situation, then you should definitely hire a tax professional.

    Other tax debt relief alternatives include the use of tax settlement, filing bankruptcy, and getting a refund agreement. In order to get the best results, you will want to seek professional tax debt relief advice from a tax professional who can provide you with tax debt relief strategies, as well as an attorney-based tax relief advice. They can also review your financial information and provide you with the tools to help you become financially stable.

    Tax debt relief options can include bankruptcy, IRS audit, and tax relief through negotiation, as well as filing a claim for a refund. Tax attorneys are trained in the legalities associated with tax laws and can help you understand the options available to you. They are also familiar with federal tax laws, which means that they can better represent you in negotiations with the IRS.

  5. IRS One Time Forgiveness

    If you have a lot of taxes to pay, then an IRS one-time forgiveness plan can be a good way to eliminate your tax debt. This method allows you to pay off only the smallest portion of your tax debt at a time. The forgiven amount is applied as a loan to cover the rest of the debt. While the amount forgiven may seem very small, when you add it up over time, you will find that the monthly payments are significantly smaller than you had been making before.

    One of the benefits of an IRS one-time forgiveness program is that it allows you to make one payment and it is easy to qualify for. If you have a large tax debt and a low credit score, you should find that you can qualify for one of these programs easily. Most taxpayers who apply are approved in a matter of weeks.

As soon as you begin searching for tax debt relief, you will begin to see that there is a wide range of tax debt relief methods that you can explore. Taxing is a serious matter, but it is manageable and achievable.

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