Do you have back taxes? You are not alone! But what if you owe Uncle Sam money and don’t have enough means and resources to pay for it? Great news! There’s no reason to worry if you find yourself in this delicate situation. The Internal Revenue Service (IRS) offers many tax relief options that could be of assistance to your needs and situation.
What is Tax Relief?
Tax relief means setting up a settlement plan or negotiating for an agreement with the IRS but not eradicating your tax obligation. Rather, it is about creating a better solution to make it easier for you to take care of your tax debt.
Victims of natural disasters are sometimes offered special tax relief. They may qualify for deadline extensions and may be eligible to claim casualty losses on their federal income tax returns. You can learn more about special tax relief on the IRS official website.
Back taxes are complicated. So if you get behind on paying them, your situation could get worse, quicker than you imagine. If you owe back taxes, here are the four of the most common ways to get IRS tax help:
1 IRS Payment Plans
If you need extra time to pay your tax bill, the IRS will most likely grant you an extension in the form of a payment plan. It means the IRS allows you to break down your total balance into smaller amounts or installments.
2 Offer in Compromise
If you are unable to pay your entire tax bill, the IRS will allow you to settle your tax debt for less than you owe by submitting an offer of compromise. According to the IRS, it could be an alternative if you are unable to settle your tax debt or if doing so will place you in financial hardship.
3 “Currently Not Collectible” Status
If you are unable to pay your taxes and living costs within a reasonable time frame, you may request that the IRS place your account in a “Currently Not Collectible” status. You may order this delay in the collection, and the IRS will require you to complete a Collection Information Statement to show that your financial situation is as poor as you say. You would be required to include details about your monthly income and expenses.
4 Personal Loan
If you don’t have the money to cover your tax bill, another way to consider is going to take out a personal loan. Before taking this direction, see if you can get a personal loan for less than the IRS payment plan offer.
Hire the Best & Trusted Tax Relief Company!
If you hire a reputable tax relief company to work on your behalf, they will contact the IRS to try to negotiate the best settlement plan that suits your situation. Whether Wage Garnishment Service, Offer in Compromise, Tax Preparation Services, or other tax relief services, they can help! They also offer assistance in processing and filling out forms for you.
In search of the best and trustworthy tax relief company that could help you with your back taxes? Trust only Tax Expert for America! We have the best team that can help you with all your tax obligations and get the best solution possible! Talk to us today!