Nobody wants to mess with the Internal Revenue Service (IRS), but it can be easy to do if you’re not careful. As you know, oversights and mistakes can happen. The next thing you know is you’re receiving notices from the IRS for past and present troubles, and you’re digging your way out of the problem.
A lot of people consider navigating IRS issues as a daunting undertaking, which is understandable. Not all individuals know how to advocate for themselves when they have a complicated tax debt case or owe some back taxes that they must contend.
Any problem, though, has a solution, and there are some tips you can find to navigate IRS issues effectively. The most common way to resolve complicated tax matters is, of course, to hire a US tax relief professional, but there are other tax resolution strategies, too.
Learn more about US tax relief and how to find help to navigate the IRS issues below.
1. Apply For Installment Agreement.
Visit the IRS website and use their online-payment-agreement-application option to apply for an installment agreement. Such a choice is ideal if you find it difficult to pay your tax balance in full, but believe you have the capacity to pay it off over time.
Any application most likely gets accepted if the owed amount is less than a hundred thousand dollars and if you can promise to pay off your tax balance in the shortest time possible.
Once your application gets approved, it’s best to elect auto-debit from your bank account for every payment you’ll make to reduce the associated user fee.
2. Apply For A ‘Currently Not Collectible’ Status.
If, for instance, you became disabled, lost your job, or something happened that makes paying off your debt impossible, then the IRS may deem you “currently not collectible.” Thus, apply for such status if you meet one of the criteria above.
The IRS will halt all collection efforts once your application gets accepted. Interests and penalties will continue to accrue, but the IRS won’t levy your income, home, or bank account. The IRS will only require you to set payment arrangements up once you start filing tax returns that show an improvement in finances.
3. Take An OIC Pre-Qualifier Test.
Find out if you qualify for an offer in compromise using the OIC Prequalifier questionnaire. You can access the document through the IRS website. The offer in compromise option is ideal for individuals who appear to have a permanent financial situation problem.
For example, if you’re now sixty-five years old, disabled, with no source of income other than Social Security, the OIC is right for you. The OIC process allows users to offer a lump sum payment for your tax debt. You can pay the lump sum off in installments.
Take note that it’s best to consult a tax relief USA firm for this.
How To Find A Tax Relief Professional To Help You Navigate Issues With IRS.
You’ll find a vast difference between finding relief from IRS issues yourself and seeking professional help. So, why tackle an intimidating task of dealing with the IRS alone when you can have someone do the hard work for you by hiring a reputable, professional tax relief company?
Below are several factors to look into when finding a tax relief company.
Understand The Costs – A tax relief professional should be open to you concerning the fees associated with their services. Find a tax relief company that offers a free consultation so you can set up an appointment with them and talk about the costs of hiring them.
They should be very honest about the costs and should discuss everything clearly during your meetup. They should also help you understand every step in the resolution process and the fees associated with each step.
Look Into The Company’s Background – Don’t commit the mistake of getting the services of the first company that you bump into without checking out its background. Yes, many people do it because they’re in a hurry, and they want their IRS issues to get solved immediately. More often than not, they end up making things more complicated.
The best thing to do is to ask for the tax relief firm’s licensing information, search for online reviews about them from their previous clients, and check for their BBB rating.
As an entrepreneur or an entrepreneur-in-the-making, you should know that you only have to enlist the help from experts to deal with your sensitive financial information when you know you can completely trust them.
If you want to get ahead of your IRS issues, you need a proven and tested strategy that can help improve your situation. Try the options discussed above or look for a US tax relief company to assist you in every step of the way.
If you’re hiring a tax relief professional, make sure to find one who’ll explain the process to you in full detail and will provide a step-by-step strategy to help you navigate issues with the Internal Revenue Service.