Top 5 Ways to Fix a Tax Problem: Tax Debt Relief
- File Missing Tax Returns The truth of the matter is the IRS and most states require all missing tax returns to be filed before a taxpayer can be put into a tax resolution. So the first step in fixing many tax problems is to start with fulfilling any outstanding filing requirements. Once you are compliant with filing requirements you will know if you owe taxes, how much you owe in taxes, or if you are due a tax refund. If you need to file missing tax returns, or have questions about obtaining old income information to fix a tax problem you can call True Tax Resolutions Inc at 773-609-4TAX for help.
- Tax Debt Settlement or Offer in Compromise In some cases, when a taxpayer cannot pay off a tax debt in full. The IRS and some states will allow a tax payer to pay less than what they owe, sometimes significantly less. The bulk of these programs are based on income and assets, and require extensive paperwork so if you need professional help go to http://truetaxresolutions.com for a free consultation.
- Payment Plans or Installment Agreements If a tax payer does not have all the money on hand to pay off a tax debt in full. The IRS and most states allow for an agreement to be negotiated which allows for repayment of the tax debt in monthly installments.
- Partial Payment Plans or Partial Payment Installment Agreements There are some instances where a taxpayer has the ability to pay back part of a tax debt, however not all of it. In these cases, the IRS and some states allow agreement to be negotiated where the taxpayer can make smaller payments on the tax debt in order to avoid things like wage garnishments, and bank levies. These payments will not pay off the balance in full, and that is the upside of these agreements.
- Hardships The IRS and some states have programs available for taxpayers that have tax debts, but do not have the ability to pay off the tax debt. These programs are based on using a taxpayer’s low income and/or lack of assets to demonstrate an inability to pay. Once an inability to pay the tax debt has been established the IRS or state will cease most collection activities.
Authored by: Harold Pena-Hayes, E.A.
President of True Tax Resolutions Inc.
True Tax Resolutions is a company dedicated to providing the highest caliber of tax help services to the business and individual taxpayers of America. Whether your issue is with the IRS or the State we can help you. We help businesses and Individuals file current and past due tax returns. Additionally, we help clients with tax debt settlement, tax debt payment plans, wage garnishment removal, levy lifts, and obtaining hardship status. Go to http://truetaxresolutions.com Call 773-609-4TAX or email firstname.lastname@example.org for a free no obligation consultation with a tax professional.