Have you received a letter, phone call, or even a personal visit from a nasty tax collector? While we all need to pay our taxes, some people simply can’t.
If you find yourself in this situation, you’ll want to find tax debt relief as fast as possible.
But how can you know the best course of action to take? How can you find tax debt relief services that you can trust? Most importantly, is it easy to get tax debt relief, or is it as hard as finding a needle in a haystack?
This article is going to break it all down for you. Let’s begin!
Table of Contents
What Exactly Is Tax Debt Relief?
Tax debt relief is any tax debt forgiveness program IRS allows for you to pay reduced taxes and meet tax obligations.
It is extended to taxpayers who are unable to pay the full amount of their tax debts for reasons other than what the tax authority considers malicious, such as tax evasion or failure to file a return.
Who Is Qualified To Get Tax Debt Relief?
There is no easy answer when it comes to tax debt relief. The IRS has several different options available to those who owe back taxes, but each comes with its own set of qualifications.
The best way to see if you qualify for any relief programs is to speak with a tax specialist or attorney. They can help you understand the qualification requirements and apply for the correct program.
How to Apply for Tax Debt Relief
There are a few ways to get tax debt relief, but it is not always easy. Nonetheless, it’s always worth trying, knowing that this could be the only way to manage paying your back taxes.
Negotiating With the IRS Yourself
The first way is to negotiate with the IRS yourself. This can be difficult because you have to know the law and have a good understanding of your financial situation.
Using a Tax Relief Company
Using a tax relief company can be helpful because they will negotiate with the IRS on your behalf, and often they can get a better settlement than you could on your own.
The downside to using a tax relief company is that they often charge a fee for their services.
Declaring Bankruptcy
The third way to get relief is to declare chapter 13 bankruptcy. This should be a last resort because it will have a negative impact on your credit.
So, Is It Easy To Get Tax Debt Relief?
The answer is no, but it will not be so hard either. In fact, the only thing you need to do to get tax debt relief is to simply prove to the IRS that you owe back taxes and cannot pay them.
Again, this will not be easy because there is a process involved, and you still have to demonstrate that you do not have the financial resources to pay the taxes, or that paying the taxes would create a financial hardship for you.
Hence, you’ll still want to work with a tax debt relief professional to ensure you’re getting the job done right.
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