Tax debt is horrifying, not only because of the debt itself, it is because it means you owe to the most powerful tax collector agency in the world, the one that will not really make an effort to understand your money issues and will do what it takes to get their money back.
Does it mean you have no option even if you really cannot pay what you owe? Certainly not!
The IRS Fresh Start Program
This program can help you pay off your taxes whether you are individually compromised or you owe a small business. This is a more flexible Offer-in-Compromise term that will let struggling taxpayers resolve paying a lower amount than they really owe.
To decide whether the taxpayer qualifies for an OIC, the IRS reviews the taxpayer’s future income.
Once accepted, the agency studies the information to determine a realistic quantity to be collected over time. It basically adjusts the total amount to the individual’s earnings. Some of the elements the IRS takes to correct the final amount are the person’s student loans, state and local delinquent taxes, the Allowable Living Expense allowance and other clarifications.
First Time in Tax Debt?
First-time tax debt may qualify for this program and of course, after qualification you should maintain a clean paying record to keep the benefit.
Of course, all of this sounds too complicated to do alone, especially when no previous knowledge of the matter exists. This is why the precise thing to do is to call the experts. They will not only guide you through the whole process, they will also speak for you with the IRS, making this process a lot easier and less traumatic.
America Tax Relief is constituted by professionals willing to be by your side in this difficult time.