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    What is Tax Debt Relief?

    Tax Debt Relief is about setting up a payment schedule or negotiating a settlement with the IRS. This is not about getting rid of your tax obligations. It’s more about helping you to pay off your tax debt. 

     Some programs and initiatives offer tax relief to taxpayers who need to reduce or settle their tax bills. Both individuals and businesses can access these programs. The eligibility of these programs will depend on your financial status and the amount of your tax debt. 

    Special tax debt relief is sometimes available to victims of natural disasters such as wildfires or hurricanes. Disaster victims may be eligible for extensions of deadlines and may be eligible to claim losses as part of their federal income tax returns.


     There are many ways to get tax relief 

    A person or business entity usually gets tax relief through deductions or credits or exclusions and sometimes by the forgiveness or revocation of a tax lien. 

    You can often track the U.S. government’s policy goals through amendments and additions to the federal tax code. Americans are encouraged to save for retirement through tax-delayed contributions into a retirement savings account. Tax penalties for early withdrawals discourage them from raiding these accounts. 

    The tax code can even be used to trace the history of natural catastrophes. The tax code may provide some tax relief for victims of hurricanes. This is to compensate for the loss of private property that was damaged by the disaster. 

    There are many options when it comes to tax management strategies that you can afford to pay the full amount due. Here are 7 options to consider. 


    1. Deductions in taxes 

    Tax deductions allow you to lower your total taxable income, and thus reduce the tax you owe. 

    Tax relief can be described as the reduction of your taxable income through legal deductions. The home mortgage interest deduction is the most popular federal tax deduction. 

    Tax deductions are available for a variety of items, including: 

        • The interest you pay on your student loan or mortgage 
        • Property taxes are paid on your house or other properties 
        • Sales taxes 
        • Charitable donations 
        • Health insurance premiums 
        • All expenses related to business or work 


    2. Tax credits 

    Tax credits are another type of tax relief that can provide greater savings than tax deductions. After all, deductions have been made, a tax credit is subtracted directly from the total tax due. 

    Tax credits work in a different way than tax deductions. These credits do not reduce your taxable income. Instead, they lower your actual tax bill — that is, the total amount you owe to the government for the current year. 

    This tax relief is sometimes called a tax incentive. It reimburses taxpayers for expenses that the government considers worthwhile. 

     Tax credits are available for: 

        • Being a parent to a child or another dependent 
        • Adopting a child during that tax year 
        • Being old or disabled 
        • School-related expenses 
        • Childcare costs 
        • Contributing to a retirement fund 
        • Solar energy systems: Installing 


    3. Tax exclusions 

    In that they can reduce your taxable income, tax exclusions work in the same way as deductions. Exclusions allow you to exclude a portion of your income from your taxable earnings. 

    Sometimes, income that was not reported for tax purposes may be excluded. Other cases see it recorded in one section and then subtracted in another. 

     Some other tax exclusions are:

        • Certain types of income earned abroad 
        • Disability payments 
        • Payments for relief from natural disasters 
        • Housing subsidies or rent 


    4. IRS Payment Plan 

    You may be able to split your total balance into smaller payments by the IRS. You must owe at least $50,000 in taxes, penalties, and interest to be eligible for a long-term installment plan. Your tax bill could reach $100,000 for a 120-day payment plan. While IRS payment plans are helpful if your tax bill is not fully paid, they can come at a cost. 


    5. Compromise or Offer 

    An Offer in Compromise (OIC), which is an agreement between the Internal Revenue Service and a taxpayer that resolves taxpayer’s tax liability for less than the full amount owed, can be used if you are unable to afford your full tax debt. 

    The IRS will review your application for an offer of compromise and consider the following factors: 

        • Your ability to pay 
        • Your income 
        • Your expenses 
        • Your assets 


    6. Penalty Relief and Interest Abatement 

    The IRS may offer you penalty relief. The IRS will forgive any penalties that you have been assessed on your tax bill. This is if you fulfill certain criteria such as not having penalties in the past three years and paying or arranging payment of any taxes. The IRS does not abate interest for first-time relief or reasonable cause. The law imposes interest, and it will continue until you pay all of your accounts. 


    7. Personal Loan 

    If you don’t have enough funds to pay your tax bill, a personal loan is another option. Before you apply for a personal loan, make sure that the amount is less than what the IRS offers. It is also a good idea to review your credit report before applying to see what lenders will find when reviewing your application. 


    Legal Assistance 

    Ideal Tax can assist with tax debt relief services. We can help with many tax and small business issues. Please call Ideal Tax at 888-224-3004 for a complimentary consultation. 

    We provide professional guidance to people whose lives have been affected by tax problems. To evaluate your specific tax issue and determine if you qualify for tax relief,  please contact us for a free consultation. We are COVID-19 prepared, we will work with you over the phone and via e-mail.

    The content of this post does not replace the advice of a licensed tax professional. Consult a qualified tax professional for questions specific to your circumstances.


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    Tax Relief, FAQ

    What Is Tax Relief?

    Tax Relief is about setting up a payment schedule or negotiating a settlement with the IRS. This is not about getting rid of your tax obligations. It’s more about helping you to pay off your tax debt. 

    How To Find The Best Tax Relief Help?
    • Are they qualified to offer tax relief services? While the IRS requires that a representative be licensed as an attorney, CPA, IRS Enrolled Agent or attorney, that doesn’t make them eligible to provide such services. Tax relief is a highly specialized area in tax law. It is crucial to ensure that the professional or firm you choose has the experience and knowledge necessary to provide the best results.
    • Are the tax professionals licensed to own the company? There have been many tax relief companies that have emerged to capitalize on the growing demand for their services. However, they may not adhere to the legal and ethical compliance requirements of professional licensure. There can be a temptation for firms not to adhere to the rules of licensed ownership. This could lead to a tendency to prioritize sales goals over ethical business practices.
    • What’s their reputation? This is a difficult question because companies who promote themselves online will put information that they want you to see, and exclude the information they don’t. It is important to use objective and independent sources. To see what customers have to say about their experiences with a company, check out the Better Business Bureau and Ripoff Report. Avoid sites such as “Best of”, where companies pay to be included in a positive manner.
    Tax Attorney, CPA Or Enrolled Agent?

    Experience and performance are more important than any type of license to provide the best representation. A Tax Attorney can represent taxpayers in Federal Tax Court. However, very few cases involving back tax end up there. Most cases can be resolved by the IRS administrative process. It is therefore important to hire a representative who is both familiar with the Internal Revenue Manual, IRS Tax Code and is skilled in applying the rules. It is important to be able to talk to the potential representative and not just a salesperson to make the best decision.

    How Much Does Tax Relief Cost?

    Tax relief services can cost anywhere from a few hundred to thousands of dollars. It all depends on the type and number of services you need. The cost of tax relief services can also vary depending on the person you choose to represent you and how they bill you.

    Will I Qualify For A Tax Settlement?

    The IRS is the only entity that can make the final decision. However, qualified tax relief professionals can help you determine if your situation qualifies for the program. Our CPAs, EAs have been able to determine whether clients are eligible for the program with an accuracy of more than 90%. OICs that are successful average savings of 95% on the balance owed.

    Will Tax Relief Solve My Tax Problem?

    Reputable tax relief companies will conduct a thorough assessment of your situation with licensed tax relief professionals. They will assess your situation and determine the best programs for you. If done correctly, you will get a clear idea of what is possible.

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