Tax Relief Programs
We dislike paying taxes as much as you do, but everyone must pay taxes. There are times the money you owe the IRS is greater than the amount of money you make. Is this the situation you’re in? If you answered yes, then we can look at programs such as a payment plan, penalty abatement, or even an IRS tax debt forgiveness program. Tax relief systems LLC is the leading provider for clients looking for relief from their tax situations. The IRS has established many different programs to address many different types of situations. Your situation is unique. What might’ve worked for one person may not work for you. One thing to remember, the IRS is not your friend. They are focused on only on the amount they deem owed by you, the taxpayer.
When you contact tax relief systems, we will schedule your free consultation. We will review your case and begin formulating and reviewing which tax relief program you are eligible for. If there’s more than one will also point that out to you. The term IRS tax debt forgiveness program was set forth by the media. This term was easier to understand than the technical term attorneys use “offer in compromise”. The opportunity use this program is dictated by how much you owe versus your financial situation, we must look at both to determine if you are eligible. The first step determines whether you are eligible for offer in compromise is determining the exact amount you owe, including if you owe back taxes that have not been filed. We may need to negotiate with the IRS to file back taxes and determine the correct amount owed. An offer in compromise is a settlement with the IRS to pay an amount less than the amount the IRS deems you owe. There are a few stipulations you must meet.
- During the past five tax years, you (and your spouse if filing a joint return) have filed all income tax returns on time, paid any income tax due, and have not entered into an installment agreement for payment of income tax.
- You agree to pay the full amount you owe within three years, and to comply with the tax laws while the agreement is in effect.
- You are financially unable to pay the liability in full by the due date.
Sometimes, couples file jointly however, there is an issue with the filing and the spouse needs spouse relief. The IRS has set up a program for spousal relief focused on relieving the tax burden on a spouse unduly charged with the tax debt. In this case we need to get all the documentation to support your claim of this program. Your tax professional from tax relief systems will help you work through the situation and inform you of the documentation needed for support.
Benefits of Tax Relief Programs
Positives and negatives are present with tax relief programs. These benefits may not apply to all tax relief programs but are present in most:
- Government can’t garnish your wages, if you do not ignore your debt.
- You could pay less than you owe removing some pressure off that heavy tax burden and enabling you to pay off your debt quicker.
- Removal of liens. Any liens would be removed from county records. This is a harsh tactic by the IRS and removing a lien on your property is a huge burden lifted.
Tax Relief Program Negatives
Where there are positives there are negatives. Some of the negatives associated with tax relief programs are:
- The IRS can dig into all your past and present financial matters, where they can review information such as current and past bank accounts, credit cards, property, and business ownership. Don’t exaggerate, the IRS can see everything.
- Processing time is very slow and could take as long as one year before approval. What this means is if you’re not approved then your additional penalties and interest will be added in and still owed.
How to Get Started
Yes, we know this is a lot of information. If you want to be 100% confident that you do this the right way, your best choice is to work with an experienced tax relief attorney. The first step is easy. Pick up the phone and call Tax Relief Systems at (424)264-5854! We will work with you to help you navigate each step of the process and ensure that you file all the correct paperwork and your rights are protected.
Again, put your financial life back in your hands by contacting the team at Tax Relief Systems (424)264-5854. See if you qualify for tax relief and get a free consultation with a leading tax relief attorney.