During these unprecedented times, more and more people are finding themselves saddled with tax debt. Since the onset of the Corona Virus, many people have lost their jobs and businesses. Due to the CDC confirmed pandemic, the government even pushed the April 15th tax filing date, but that didn’t make much of a difference for most. If you have a reduction in income, that can make it very challenging to pay your tax bill. Do you currently owe back taxes? You probably want to know if you qualify for tax relief.
The answer is, yes you do. But you are going to want to enlist the help of a professional for tax help. Let’s take a look at few ways a professional tax relief firm can help you handle your back taxes.
At Ideal Tax Solution, we are one of the top best relief companies in your area. We work with people every day, just like you. One of our specialties is helping our clients take care of their back taxes. There are a few different ways to go about this.
Have you heard of an “offer in compromise?” This is when the IRS allows you to settle your back taxes for less than you owe. Sound like a good deal? It can be, if you can get it. Typically, when individuals file for an offer in compromise, they get denied. Why? Most people don’t know how to navigate the IRS like a professional does. Plus, the forms can be confusing and complicated to an untrained eye. At Ideal Tax Solution, we know how to help you settle your debts under our tax relief services.
Another option if you don’t qualify for an offer in comprise, is to set up a manageable payment plan. This lets you pay your back taxes at a more affordable pace. Currently, the IRS offers two types of payment plans. A short-term payment plan is one that is complete after 120 days or less, and the maximum you can owe is $100,000.
The second type of payment plan is a long-term payment schedule. This applies to any tax debt that takes longer than 120 days to satisfy. It’s important to know that either payment plan doesn’t exclude you from paying interest on your tax debt. The best thing would be to pay off your taxes before the payment plan completes, if possible. Incurring interest on top of what you already owe, only makes your tax bill bigger in the end.
Are you looking for tax relief? Handling it on your own can be overwhelming. At Ideal Tax Solution, we can help you set up a payment plan that works for you, or even help you settle your tax debt for less!
We understand these are hard times. COVID-19 has put a lot of people in tough financial positions. That’s why at Ideal Tax Solution, we are here to help. Remember, we are in this together. Let us help you eliminate your tax debt today!
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 our fresh start program today!
The content of this post is not intended to replace the advice of a licensed tax professional. Consult a qualified tax professional for questions specific to your individual circumstances.