Are You In Trouble with the IRS Because of Your Taxes and you’re looking for tax help!
We’ve all heard the joke about taxes that starts with the phrase, “I’m from the IRS and I’m here to help you…” There’s very little that causes more financial and personal stress than knowing you owe taxes and can’t pay them. Putting your head in the sand and ignoring the problem won’t make the problem go away; in fact, it compounds your problem every day as the IRS adds interest, fines and penalties onto what you already owe.
The longer you wait to deal with tax problems, the worse they become. That’s why you should consult with a tax help specialist as early as possible to bring some sort of resolution to your situation. If not having the money to pay is stopping you, put your mind at rest. There are many options available to individuals that can not only help you pay off your tax debts over time, but even reduce or eliminate them depending on your situation.
Resolving Tax Problems Begins With Knowing Your Options
Most Americans don’t realize that there are many different ways to work with the IRS (yes, you can work with the Internal Revenue Service!) to come to a satisfactory resolution for both of you. A tax specialist can help you understand the many complexities of your particular situation.
- Tax Relief is available from the IRS if you can prove to their satisfaction that you simply can’t pay the full amount you owe, and probably won’t ever be able to. Negotiating what is an acceptable offer and how to present it is the key to getting your proposal for tax help relief accepted.
- Late tax returns are a common problem these days. Many people are afraid to file because they know they don’t have the money to pay what they owe. But filing late tax returns is more dangerous than filing a tax return on time without a full payment for many reasons.
- Understanding the many elements of your tax debt can be confusing. You may owe not only the taxes and interest, but late penalties, fees and even fines. Each of these collects interest at varying rates and each may need to be addressed separately.
- Will an Offer in Compromise be the right solution for you? Only an expert can tell you this. There are strict guidelines for an OIC and the laws change frequently. Get advice from a professional so that your Offer in Compromise is likely to be accepted.
- Penalty Abatement can be granted to those individuals who are making a sincere effort to pay back their late taxes, even if they are doing it in installments or as part of an Offer in Compromise. You don’t get an Abatement automatically, though. A tax specialist can help you apply for a penalty abatement; he or she will know what circumstances will help you get this money saving consideration.
- If you’ve already become a victim of wage garnishment for back taxes, you know that the IRS can be extremely difficult to work with at this point. They are now getting your money and aren’t particularly motivated to release your wages. A tax specialist can cut through the red tape and get things moving in the right direction so that you can feel secure again.
- Installment Agreements to pay taxes owed are more negotiable than many people realize. As long as you pay back your taxes in two to five years, you can usually find a figure that will fit your budget. A tax specialist can also help negotiate a partial installment agreement, saving you hundreds or even thousands of dollars.
- Tax liens are like time bombs; they can quietly be placed against your property and erupt as huge problems months or even years later. A tax lien against your property means the IRS won’t do anything until you try to sell your home or land – and then they cause big trouble.
- Being hit with tax levies are a more direct, sudden hit. Tax levies can empty checking and savings accounts overnight, leaving you just about broke. How do you keep the IRS from plundering your accounts for back taxes? A tax specialist should be consulted as soon as the IRS notifies you they are considering a levy so that he or she can put a stop to it.
- You may be able to take advantage of a general tax amnesty for your state tax returns, depending on where you live. Many people forget that there are just as many problems with owing state taxes as owing federal taxes, but amnesty is often available to eliminate fees, penalties and interest. A tax specialist familiar with your state’s laws can help you take advantage of these opportunities.
If you have been worrying about your back taxes but been afraid to take the first step, now is the time. Tax specialists can help you make peace with the IRS and get back on the right financial track.