Beating Out the IRS for Relief from Your Tax Debt - PowerPoint PPT Presentation

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Beating Out the IRS for Relief from Your Tax Debt

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Beating Out the IRS for Relief from Your Tax Debt

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  1. Beating Out the IRS for Relief from Your Tax Debt When you are dealing with tax debt can be a scary experience. You might be scared of what is going to happen to you as the process goes forward and hearing that the government is coming after you is enough to make anyone comply to whatever is asked. There are several different options when it comes to seeing relief from the debt. Each one is going to have certain variations that need to be met including any fines from being delinquent, your current financial situation, and the amount that you owe. Here are some of the steps that you can take in order to beat out the IRS and see some relief from the debt you owe. Compromise The first step that you should take in order to deal with any debt that you have accrued recently with your taxes is to compromise. Just because there is a certain number listed on the form does not mean that you are stuck with what is there. Those who do not ask are not going to receive any help and will be stuck with the full amount. With the help of a tax specialist you may be able to get not only any fees and penalties on the taxes taken off, but in some cases the amount that you owe can be reduced. If there are issues with the debt or if your current situation, such as being handicapped and unable to make an income to pay it back, it is more likely that a compromise is going to be reached. Payment plans Whether you come up with a compromise on your tax debt with the IRS or not, it is possible to set up payment plans to help meet your goals. Most people are not able to pay off a lump sum all at once, the issue of why they have the debt in the first place. In these circumstances, the IRS might set up an extension to help you out, but these are going to be short term solutions to come up with the money. When this option is chosen, personal loans can be the best option to help. You can use these to pay off the IRS all at once and often they are going to have lower interest rates compared to what the IRS is going to charge in fees and penalties. You will then be able to choose the bank or financial institution that works best for helping you pay of the taxes. Penalty Reassessment Another part of your tax relief can be penalty reassessment. Penalties are based on a computer program, not by human inputs, so it is possible to have an error. In the reassessment someone will go over and find out of there are any errors that are there. In some cases, you can also appeal to the IRS to get the fees waived due to these clerical errors or because of a delay in paperwork or other issues. This might not erase all of the debt, but it can save you a lot of money on what you owe. Debt relief

  2. When you are unsure about the right steps to take when dealing with your debt and the IRS, there are many debt relief companies who can help out. Even though it is possible to navigate this system on your own, many people choose these companies to assist them. The staffs at these companies have the education needed to know which form of relief will work for your situation. They can also explain what will happen in each situation, such as when you compromise, if you can get the penalty taken off, or even if you choose not to pay. Call the lawyers at Gordon Law Group if you have dealing with a tax debt. The lawyers at Gordon Law Group and the experience necessary to help you find out if the debt is yours and will give you the representation to help when you need. CONTACT US (Open 7 Days for Calls) 180 N. LaSalle Street, Suite 3700 Chicago, IL 60603 Local: (312) 608-2772 Referral Link: https://www.chicagotaxlawyerfirm.com/tax-debt/