At Success Tax Help, we put our experience to good use, empowering our clients with proven strategies. Our team specializes in tax audits, helping clients resolve their tax debt, and helping stop wage garnishments and levies from taking place. We put a wealth of experience to work. While Success Tax Help is based in the Houston area, we are a nationwide tax relief firm. With thousands of customers from around the country, you can rest easy knowing that your tax problems are being handled by professionals with the necessary experience to get the job done for you in a timely manner.
There’s no getting around it: Dealing with tax issues with the IRS can feel stressful and overwhelming, especially if you have fallen behind on your taxes and your account has been moved to collections. Taxpayers who have an unpaid bill with the IRS risk wage garnishments, bank levies, as well as penalties and interest on their unpaid taxes. Success Tax Help is prepared to help you get the tax relief you deserve.
Understanding Tax Relief: Common Tax Relief Options
The IRS offers taxpayers multiple options to resolve outstanding tax debts. Here are four commonly available options to taxpayers who owe back taxes to the IRS:
1. Installment Agreement
If you require an extended period of time to pay off your tax bill, the IRS will typically accept a payment plan, also known as an installment agreement. Individuals who have a balance over $25,000 are required to use direct debit. Businesses with balances over $10,000, must also pay with by direct debit.
2. Offer in Compromise
If you are experiencing extreme financial hardship, the IRS may allow you to resolve your tax debt for less than what you owe. Called an Offer in Compromise, the IRS extends this is an option only when a taxpayer has proven that they are unable to pay their debt in full or that doing so would create a significant financial hardship. The IRS considers the following factors when deciding if a taxpayer qualifies for an Offer in Compromise: If you are experiencing extreme financial hardship, the IRS may allow you to resolve your tax debt for less than what you owe. Called an Offer in Compromise, the IRS extends this is an option only when a taxpayer has proven that they are unable to pay their debt in full or that doing so would create a significant financial hardship. The IRS considers the following factors when deciding if a taxpayer qualifies for an Offer in Compromise:
- Your income and expenses.
- Any assets you may have.
- Ability to pay.
3. Penalty Abatement
If you’re facing penalties for not filing or paying your taxes on time, you may be able to get those penalties removed through either a penalty abatement or a penalty adjustment. Abatement is the elimination of an assessed tax liability, while an adjustment is simply a reduction or alteration of it. In some cases, you can even get past penalties and interest refunded.
4. Request for an Extension
If you have the ability to pay your balance in full but need some time to get the money together, the IRS will allow you to request a one-time extension. You can request up to 120 days to pay your tax balance in full. It is important to keep in mind that the IRS will apply a 0.5% penalty per month for the unpaid balance and will only allow you to make this extension once. If you do miss the extension date, you will fall back into collections.
Tax Relief in Disaster Situations
Americans that have been affected by hurricanes, floods, wildfires, pandemics, earthquakes, and other natural disasters could be offered special tax relief. Disaster victims may qualify for extensions and could possibly claim casualty losses on their federal income tax returns.
Coronavirus Tax Relief
As part of the U.S. government’s ongoing response to the Covid-19 pandemic, some tax rules have changed, and new coronavirus tax relief initiatives may be available.
Can Success Tax Help Assist You?
As our name indicates, Success Tax Help provides tax relief to Americans who need assistance when dealing with the IRS. Success Tax Help is America leading tax resolution firm, having resolved over one billion dollars of tax debt for our clients. We help thousands of people and small businesses get compliant with the IRS, empowering them to put their tax problems to rest so they can move forward towards a better financial future. Our tax experts have the experience to resolve almost any IRS problem. Contact us today to receive a free consultation and see how our personalized care and solutions can be crafted to fit your unique situation.