There’s no way around it: everyone is expected to pay taxes. Sometimes you fulfill this obligation through the money taken out of your paycheck each month. If you pay more than you owe, then you can expect to get some back. In other cases, you don’t pay enough: and then you are expected to pay off the balance. If that amount is more than you have on hand, then you might consider how tax relief programs can ease the burden and get you back on track.
Qualifying for Tax Relief Programs
These programs aren’t designed in a one-size-fits-all capacity. The amount of debt a person owes is taken into consideration, as is their ability to repay what they owe. In some cases, the IRS may be willing to take less than the total, and in others you may have to set up a payment plan to repay everything.
Benefits of Tax Relief Programs
It can be tough to admit that you owe money to the IRS. It can be even more challenging if the debt has spiraled out of control. Ignoring your debt won’t make it go away, though. In fact, it will only make things worse. Here are nine reasons that applying now for a tax relief program can save you a lot of worry in the future:
If you decide not to pay your owed taxes for whatever reason, the government can come after you for that money by garnishing your wages. Once you have applied for a tax relief program, they can no longer take this step.
If you apply for a tax relief program, any liens that are on your property will be removed. This means that if you sell your property, you get to keep the proceeds instead of being forced to apply them to your debt.
If you have a large outstanding tax debt, but have applied for tax relief programs and agreed to the IRS settlement terms, you may end up paying less than you owe. If you haven’t entered a program for tax relief, you will almost certainly have to pay the full balance.
Payments and Interest
The sooner you can pay off your debt, the less you’ll have to pay in interest fees and payments.
No Debt Accumulation
Even if you are making your payments, if you find that year after year you owe, this can add up quickly, making it tough to pay off the debt. When you apply for tax relief programs, you won’t have to worry about the debt accumulating.
Depending on the type of tax relief program you apply for, you may be able to get more time to pay off your debt.
If you find that you owe more taxes than you can afford, you might be tempted to declare bankruptcy. This can have far-reaching repercussions that will follow you around for a long time. With tax relief programs, you may be able to forgo this filing and stay in good financial standing.
Stay in Business
If you’re a business and owe more in taxes than you can pay off, then applying for tax relief programs may make it possible for you to stay in business and still pay off your debt.
Peace of Mind
Owing money to the IRS can be stressful, and not knowing if you’ll be able to pay it off can be downright anxiety-inducing. With tax relief programs, you’ll be able to have peace of mind in knowing that there is a way to pay off the debt.
Finding the Right Program
Since tax relief programs don’t have a one-size-fits-all, finding the right one is important. Call Geaux Tax Resolutions LLC today and find the program that will work for you.