Blog / Tax Relief
Saturday, 6 October 2012 at 22:41
Paying taxes is inevitable. Many people work hard and pay their taxes diligently. Some however have run into problems with the IRS. They live in fear that what they have worked so hard for is going to be removed. Perhaps money is already being taken out of your paycheck, your bank account has been affected, or you fear getting your home taken. How are you able to get respite from these worries? There are different methods that are offered to be able to combat these worries.
There is really a program called Offer in Compromise (OIC) that helps the taxpayer by offering to pay late taxes for less than the government says the person owes. When submitting an OIC offer, the IRS is going to be analyzing the circumstances of the individual. They investigate the taxpayer's ability to pay their taxes, income, expenses, and asset equity. If the IRS deems that the person is not worthy of the program, they will reject the sale. Therefore, it is important that all facts and paperwork are collected and presented in a way that will give you the best opportunity to take advantage of this program.
Settle Back Taxes
In order to collect the rear taxes, the government has the ability to garnish wages, put a levy around the taxpayer's banking account, or put a lien on their property. Consequently, some have experienced overdraft fees, calls from creditors, or a ruined credit score. With a good tax lawyer, these means of collection by the IRS can be removed.
Many people seem to finish up in trouble with the government once they neglect to submit their annual taxes. The government will take the liberty of filing those taxes for you personally with what is known as “substitute filing”. Since the IRS does not know your individual circumstances, they're not able to provide you with the proper deductions; therefore making more debt for you, the taxpayer. However, amended tax statements or even the actual tax returns can be filed in order to get the correct deductions. This settling of back taxes can turn a seemingly large debt into either the elimination of the tax owed or even the reward of a tax refund.
Some taxpayers find themselves having to pay penalties. These penalties can also add to the tax owed already incurred. With penalty abatement, these penalty payments can either be delivered to you, or they may be abated, meaning eliminated. When filing for this kind of relief, good representation is required. The IRS is only going to consider cases which have several causes which are demonstrated properly because of not paying your taxes or not paying your taxes on time. A great tax professional can argue those causes for you.
These different types of relief are available to all taxpayers. Protecting your assets and your money helps to ensure you and your loved ones a far more secure future. To be able to file these types of relief properly and steer clear of the worries from the IRS, many have found it better to hire a tax professional to find needed relief.