Tax Relief Elgin IL
Tax relief is a specific program or incentive designed to reduce the amount of tax due by an individual or business entity. Being that the definition is broad in scope and definition, it behooves us to narrow its focus by clearly defining a few more items. What does Tax Relief mean to Elgin IL taxpayers, specifically? It is contingent as to whether the tax relief program is for an individual and business. Which is relevant for you? To start, federal taxes are under the purview of the Internal Revenue Service (IRS) and state taxes are handled by the Illinois Department of Revenue. Tax Relief Elgin. To further explore, the question to ask, do you owe money to the IRS or State of Illinois and if so, how much? Does the amount exceed $10,000? You need to call Tax Relief Systems now. Delaying, Procrastinating, or simply ignoring it not make them magically disappear. (920)770-3937
TAX RELIEF ELGIN IL
Many taxpayers, in Elgin IL, are in ominous need of relief from the burdens resulting from past due tax bills that have ostensibly gotten out of control, by no fault of their own. Both tax agencies have options easily available that are simple and almost identical, however, attempting solo resolution not recommended. Even with these options, they will not stop the relentless collection actions by tax agents to collect monies believed owed. If anything, it makes them more aggressive, in their view you owe the money and it needs to be paid regardless. Often a discrepancy can exist between your numbers and theirs. This discrepancy must be to be sorted out and you cannot easily prove you are right unless you have the help of a highly skilled expert. Again, attempting self-representation is foolhardy and will probably cost you more money in the end. Self-representation is not recommended. Sometimes Elgin taxpayer cases are eligible for tax bill reduction or elimination and similar situations are happening in other parts of the country. There may be a feasible resolution option depending on your circumstances, no matter how unique they may be. Are you ready to start your tax relief program now? (920)770-3937
ELGIN TAX RELIEF – OPTIONS RELIEVING STRESS
For tax relief, in Elgin, it is necessary to examine the different options available and locate the right one for your distinct situation that fits your budget. Sometimes it’s better to start by looking at the option most people think of when they imagine tax relief. Taxpayers like the idea of paying less, in the end, than they owe. An Offer in Compromise is an option for tax relief if the IRS is convinced it will be unable to collect the entire amount it is owed. Or, there is a doubt as to the accuracy of your tax bill. Or, full payment of your back taxes will cause a serious financial hardship, then you may have the unique option of settling for less than the full amount of taxes you owe.
The next option in the list of options is Financial Hardship consideration. Financial Hardship is an option for tax relief where financial hardship is taken into consideration. In cases of serious financial hardship, the IRS will consider a variety of solutions to ease your situation. You may be able to skip a monthly payment, reduce your monthly payments, for example, or the IRS may suspend collection efforts.
- Death in the Family
- Natural Disaster
- Large moving expenses
- Currently unemployed and it would cause financial hardship to pay taxes owed
- You received a significant decrease in pay and paying the taxes owed would cause financial hardship
- Large medical expenses incurred or currently ill
- Unexpected home or auto repairs that caused financial hardship
- Separation or Divorce
- Child Support
Penalty Abatement is an option for tax relief in cases of a major illness, unemployment or the loss of tax records in a natural disaster, the IRS will consider waiving all or some of the fees. The fees, fines, and penalties can increase your overall tax bill by 25% or more. If this is the case, you will still be responsible for paying the underlying taxes.
Did your spouse make a mistake and now your left holding the bag? Innocent Spouse Relief is a special circumstance option for tax relief by which your IRS issue is the result of erroneous tax returns filed by your spouse or ex-spouse. In this circumstance the government will consider what is known as innocent spouse relief, which relieves you of the responsibility of paying back taxes owed as a result of your spouse’s fraud or deception. However, you may still owe unrelated back taxes.
Elgin, IL is feeling a similar increase in tax related problems. Tax Relief Systems, LLC has experienced firsthand the burden tax issues weigh on families and individuals. The stress is amazing. You do not have to go through this alone. This view, of Elgin tax relief, has refocused our dedication to assisting individuals and businesses find a solution to IRS and Illinois Tax problems. Our staff of professionals has seen almost all possible tax situations and are able to confidently provide solutions. If you’re not sure where to start, our Elgin office is just a phone call away. (920)770-3937
Do not wait until these issues become worse, address them now. If you are experiencing any of the aforementioned issues, please call us today. Any misstep can cost you money.
Our Elgin team is waiting to help. Please call us today to help relieve your tax issues. Do not hesitate or procrastinate when dealing with the IRS or State Tax Department.
Schedule your Free Consultation! (920)770-3937