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What Do You Know About Taxes

Types of Tax Relief Solutions Getting a tax bill from the IRS happens to many and is certainly not a good situation to be in. How much is owed can be thousands of dollars and that is a mountain of money to many that are not wealthy to begin with. There are some great tax relief solutions that can be utilized to make it easier to pay the tax bill owed and reduce some of the worry surrounding it. One tax relief solution that can be used in some cases is called not collectible status. Those that are facing wage and bank account garnishments or property liens may benefit from utilizing not collectible status. Having wages being garnished can be a financial nightmare for people that already aren’t sure how to pay their bills on time. Property liens on homes and properties can be quite upsetting as that is quite often where a person calls home. The not collectible status can ensure that you don’t lose your home or important property due to tax debt liens. Getting this status approved is often much easier when you have a tax attorney to help with the filing required with the IRS. Not collectible tax relief can make it easier to get life on track and bring back financial stability. There is a ten year statute of limitations on IRS tax debt in which debts cannot be collected. Another tax relief solution that can be helpful is to use a payment arrangement. A payment plan is often appealing to people that can budget a monthly payment versus a lump sum amount. This can happen for you if you take the time to fill out the proper paperwork at the website or send it in the mail and pay their nominal application fee in addition to this. Payment methods are offered that give some choice to those that get approved for the installment plan. You may want to choose the auto withdrawal option on your bank account as it means that it will be paid on time and there is no issue with forgetting or paying late. The third tax relief option is called an offer in compromise. Offer in compromise means that you ask the IRS to accept a lesser amount to settle the debt. The offer in compromise option is often the hardest one to get approved as they require proof of insolvency or financial distress. Those that can show they owe less than the IRS billed you for may also be able to get this type of settlement approved. This one is excellent if you can get it as it can save you a lot of money and financial issues. The examples of IRS tax relief solutions in this article can help those unsure of how to deal with IRS debt and move forward.Why not learn more about Solutions?

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