5 Lessons Learned: Solutions

Types of Tax Relief Solutions Millions of people every year get a bill from the IRS for a tax debt they didn’t know about and that is an unpleasant surprise. 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. Tax relief solutions are available to those that are struggling with their tax debt. One tax relief solution that can be used in some cases is called not collectible status. Many find not collectible status helpful if they are having their wages garnished or their properties have liens on them. Garnishment of wages can be a huge financial drain for people that need money to pay bills. A lien being placed on important assets and homes is one of the most difficult to deal with as that is often a person’s primary residence and their home that they have lived in for years. Utilizing not collectible status can help you stay in your home and not have to have it taken due to a lien or debt owed. It is likely going to require obtaining a tax attorney for this type of request as there is paperwork with the IRS involved. Another big benefit of not collectible status is it offers tax relief for long enough to get financial affairs in order. IRS tax debts are subject to a ten year statute of limitations in which they are not collectible after that ten years has lapsed. A viable tax relief solution for many is to enter into an installment plan with the IRS. An installment plan can be a lifesaver for those that don’t have the money upfront but are able to make monthly payments that are less difficult. 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. If approved, they will offer various payment options that are convenient to you. 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. An offer in compromise is the third and final type of tax relief solution that can be utilized. The offer in compromise is when there is a payment for less than what is believed to be owed and the IRS settles for that lowered amount. Approval for offer in compromise is typically the most difficult of all other options as you must show dire circumstances to get approved. A solution such as this may also have a chance of acceptance if the IRS believes you do not owe as much as they billed you at the start. It is a great tax relief solution for those that can get it as it can save thousands of dollars. An IRS tax relief solution can really help and these examples should give you an idea on what you can do.Experts – My Most Valuable Tips

A Simple Plan: Solutions

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