Tax debt is a serious thing, and you’d definitely want to get out of it as soon as you can. But what are you supposed to do when you’re really struggling to pay your taxes? Well, one solution is to apply for a tax relief program.
What Is an IRS Tax Relief Program?
An IRS tax relief program is an arrangement offered by the federal government that may be able to help you pay your taxes. The government’s aim is to allow people the ability to meet their tax obligations by offering them payment plans.
The IRS tax relief program that you qualify for will depend on your individual circumstances. Here are just some of the tax relief options that are available:
The Offer in Compromise Program
This program allows you to work out a compromise with the IRS that allows you to pay a lesser amount than what you owe. You’ll be required to pay the amount of taxes you owe, but this will be less than the amount that you originally owed.
The Fresh Start Program
When you use this program, you will be given a fresh start. After the program is complete, you will no longer owe the government the tax debt that you owe.
An Installment Agreement Program
This allows you to make payments over a period of time. If you’re able to pay the debt off within the payment period, then you won’t have to deal with penalties or interest.
How Soon Can You Expect to Receive Tax Relief?
There are many steps that go into the process of determining if you qualify for tax relief. This means that it could take some time for you to actually get the program for which you qualify.
One of the things that you need to remember is that you can’t choose what sort of tax relief program you want. The IRS will decide. The time it takes to get a program is usually related to the type of debt that you have. If you have more than one type of debt, you could have to wait a little longer.
Another thing to remember is that there are certain criteria that you need to meet if you want to get tax relief. These include:
- You’re only allowed to get one offer in compromise per debt type
- You have to have filed all of your returns and payments
- You have to owe less than $50,000 in tax debt
- You have to have tried to pay the debt
- You have to be able to pay the remaining debt within 60 months (about five years)
- You have to be able to make payments
- You have to be able to pay the debt
Final Thoughts
IRS tax relief programs are one of the best ways to handle your tax debt. When you have an income tax debt, the IRS may be able to give you an option that will help you avoid penalties and/or interest. If you’re having trouble making your payments, talk to a tax expert. That way, you’ll be able to get out of debt sooner.
Get tax debt relief with the help of Axiom Tax Resolution Group. We’re skilled tax professionals dedicated to helping individuals and businesses break free from IRS tax problems. The trusted tax professionals at Axiom Tax Resolution Group are ready to find a permanent solution to your tax problems with the IRS. Get in touch with us today!
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