Taxes are most definitely one of the most annoying things every adult has to deal with. It is a chore. But there is a much grimmer side to it. And it is not just the time it takes to do your taxes.
While for some paying taxes can be an inconvenience, for others, they might outright not be able to afford it. This is where IRS tax relief comes in.
What Is Tax Relief And IRS Fresh Start?
Luckily, there are a couple of ways and systems you can utilize to help make your tax-paying journey a bit more manageable. Tax relief and the IRS Fresh Start systems are designed to ease the tax burden.
To understand how tax relief works, you need to first understand what it is. Knowing this will help you understand how tax relief firms can help you.
It can help relieve your tax burdens in many ways. A couple of the common ones are tax deductions, exclusions, and credits. It can also help taxpayers that are behind on their payments.
So, you can see how helpful it can be, especially for those who are struggling financially. Another thing you would love to know is that tax relief is also applicable to those who have been hit by a natural disaster.
Natural disasters can take a toll on people’s financial health and status. To assist them, the IRS issued dozens of tax relief announcements in 2021. It was designed to help both businesses and individuals suffer damage from disasters like hurricanes, tornados, flooding, and more.
Tax Debt Relief
The IRS has a system called Fresh Start. This is solely designed for those who are severely behind on their tax payments. Of course, you know being behind on taxes can result in pretty serious consequences.
We are talking about jail time, tax liens, levies, and more. There are four options in the Fresh Start program and all of these can help you make the most of the tax debt relief options. Let’s check them out.
Installment agreement
This one is pretty self-explanatory. Instead of paying a total lump sum in taxes, you can choose to pay it in monthly installments. This will help you ease the payment process a bit. However, one thing you need to note is that interest and penalties can still be accumulated until you pay your total due taxes.
Offer in compromise
The second option is to offer a compromise. What is it? Well, this option allows you to pay less than you owe the IRS. This is for those who cannot pay the amount they are owed to the government. For those who will be put in financial burden, this option is applicable.
Penalty abatement
If you can show that there was a legitimate reason why you are behind on your taxes, the IRS can lift penalties or reduce them.
However, not everything falls under a legitimate reason. Considerable reasons would be things like a fire, natural disasters, death, or serious illness of the taxpayer. A lack of funds is not, however, considered a legitimate reason to not be able to pay taxes.
Currently not collectible
A CNC, or currently not collectible option is when the IRS decides that your gross monthly income is too low to pay the taxes you owe without hampering your financial stability. The IRS will not proceed to collect the taxes at that moment. However, you will be required to pay when you are financially capable.
What Are Other Tax Exclusions?
There are more kinds of tax forgiveness options too! Tax exclusions are for income that is not taxed. So, in essence, tax exclusions will deduct both your taxable income and your tax bill. Things like child support payments, insurance benefits, and municipal bonds are all not taxed.
How Can A Tax Relief Firm Help You?
The IRS does not make it easy to manage and pay your taxes on time. Ask anyone out there and they will tell you that paying taxes is difficult and also very confusing. However, it does not have to be.
Tax relief firms can help make the process much simpler for you. When searching for the best tax relief company, you need to go in deep and see what services they provide.
At irsfreshstart.info, we are here as the leading resource for all taxpayers. Get all the information and guidance you need to make paying taxes manageable. Tax relief firms can help you in really important ways.
Information
One of the best services any tax relief firm will give you is the best information. Knowing where you stand and what it means for your taxes is important. Good tax relief firms will give you all the information you need to help you be informed.
They will tell you what kind of tax relief you qualify for. In some cases, if you are trying to figure it all out yourself, you might not be able to get a clear idea. You might miss some tax deductions that you are eligible for.
Expert Negotiators
Tax relief firms hire experts in their fields. They negotiate for you with the IRS. This helps you both by coming to terms and finding a win-win situation about solving the issue. The IRS also has people that are at the top of the field. But they are sort of not only looking out for you.
So, imagine how crucial it is to have someone who is knowledgeable and has years of expertise to help you first with your case? It is quite easily a priceless thing to have.
Wrapping Up
Tax relief firms can help you manage and deal with the IRS more methodically with the help of experts. The IRS tax relief program can help a lot of taxpayers ease the burden.
But many of them might not even know about it. Knowing all the right information from a site like safewaytax.com is crucial for you to stay informed.
