A lot of people find that they owe the IRS a substantial amount of money and are caught off guard with no idea of what to do next. People will be pleased to know there are IRS tax relief solutions that could make things a whole lot better to handle. This is especially helpful to those that feel as though there is no way they can pay the amount owed right away. A tax relief form offered is known as not collectible status. This is helpful if you are exposed to liens and garnishments. Garnishments out of pay can be extremely hard as sometimes it can take a substantial chunk of money that is needed for basic necessities. Those that are experiencing financial distress may use this option to save property and assets.
This tax help can be very helpful for those that may lose their homes as it can help keep them in their home and not have to face the dreaded prospect of a foreclosure or eviction process. People that are considering this option should consult with a tax attorney as they can assist with the filing of the forms. This can give you some time to get your financial affairs in order and can amount to years. There is a ten year statute of limitations on IRS tax debt. A great option for many that need tax relief solutions is to get on a payment arrangement. It is a viable option for those that can pay back smaller monthly payments rather than any lump sum. You can request this online through a certain form or mail it on along with a payment for the application fee. Once approved they will provide a list of acceptable payment options that you can choose from.
The automated bank draft is often popular because it means that they will pull the money out for payment automatically without you having to remember or fret on whether it has been paid on time. The third popular tax relief solution is known as an offer in compromise. The offer in compromise is a solution for people that want to pay a percentage of the full debt owed and not the entire amount. These are usually only approved in extreme circumstances that must be shown. It is also possible to get an offer in compromise if there is reason to believe that you do not owe as much as the debt states. This is very helpful for those that likely don’t owe as much as was claimed and it enables them to pay off a much smaller sum than originally thought. Tax relief solutions presented in this article could truly help people that are suffering due to IRS debt have a light at the end of the tunnel.
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