The only time a person usually gets excited about taxes is when they get a refund. What’s not to be excited about? It’s always better to get money than have to give it. Of course, there are people who owe taxes, and if they are behind from previous years, this can be incredibly stressful. That’s when it might be beneficial to have tax relief help.
What Is Tax Relief Help?
More than likely you have seen those commercials on TV about companies who will work with the IRS to lower your payments or get them to settle for less than you owe. In some cases, the companies are scams or they are charging you for things that you can do on your own for free. But sometimes you need genuine help, and that’s where a reliable tax relief service can make all the difference.
If you owe more in taxes than you are able to pay, you may be able to get tax relief help by working out a payment plan or debt settlement with the IRS. If you believe you need tax relief help, then you need to act quickly so your issues can be resolved. The IRS won’t hesitate to charge penalties for failure to pay, which can be 0.5% of your unpaid total each month. The longer you wait, the more this will add up.
In addition, the IRS can also put a lien on your property. That means if you sell your property, the IRS can take the proceeds and apply it to your outstanding balance. They can even put a levy on your property, which means they can seize it and sell it to pay off your debts. The property affected by these penalties can include your house, your valuable personal property, and your financial assets.
Debt Relief Options
It’s serious business to owe money to the IRS, and most people don’t want to find themselves in this situation. However, it’s hard to predict where life might take you. If you make a mistake on your tax returns, including not claiming everything that needs to be claimed, this could mean you owe the IRS more than you expected.
If you find that you can’t pay what you owe, there are some options available to you. Remember: you’ll need to contact the IRS as soon as possible. Some of the options you may have offered to you include:
If you find that you are unable to pay your taxes in full, you might be able to set up short- or long-term payment plans. It’s important to be aware that the payment plans will come with interest and penalties on any unpaid balance until you pay off the debt.
For the short-term plan, you have 120 days to pay the debt. If you need more than 120 days, you’ll have to go with a long-term plan. This option will cost you money to set up.
Offer in Compromise
With this option, if you are unable to pay your debt, or if it will create a financial hardship for you to do so, then the IRS might settle for less than what you owe. There are many things that the IRS will look at to determine if you qualify for this tax relief help, including your ability to pay, your income, asset equity, and your regular expenses. The IRS will recommend that you try other payment options before applying for this tax relief help.
Getting Tax Relief Help
If you find that you need help with your taxes, then working with a legitimate company is the best way to go. If you have questions about tax relief help, contact the certified professionals at Geaux Tax Resolution LLC. We’ll help you through the process and get you the relief you need.