However, some people may still want professional help if they're struggling to resolve a small tax debt. Working with a tax relief company makes sense. Not only do they negotiate with the IRS, but they can also help you minimize your penalties and establish the right payment plan. Tax relief may allow you to divide your debt into payments or reduce the amount of taxes you pay to the government.
No, the tax relief won't kill your tax bill and may cost you more in the long run, but it could make paying what you owe the federal government much more manageable. Interest starts accruing on the day your taxes are due (tax day), which is usually April 1, and continues until you pay your bill in full. During its 14 years in business, the company has helped thousands of customers find relief from onerous tax debts. These companies employ tax attorneys, registered agents, and other tax professionals who are experts in tax law.
Managing tax appeals can be complicated, so it's best to work with a tax company if you're considering filing an appeal. This specialized experience allows these companies to provide comprehensive and personalized services that help people get the best possible results from their tax debt. Choosing a reliable and reputable tax relief service is essential to receiving honest services that are worth your time and money. Several warning signs should alert potential customers who are considering hiring a tax settlement company.
If you owe taxes but can't pay the IRS in full, consider filing a request for an installment agreement (Form 946) along with your return. You will be charged interest and, possibly, a late payment penalty on any taxes you haven't paid before its due date, even if your request for an installment agreement is approved. If your debt to the IRS does not reach this minimum, the cost of tax debt relief services may exceed your debt, making the tax relief a waste of money. A free consultation is a great way to get your questions answered if you're not sure if you're working with a tax relief company.
The company's wide selection of specialized federal and state tax relief services allows it to develop the most comprehensive plan for each client. Contact the Taxpayer Defense Service, an independent organization within the IRS, for free help if you have tax problems that you haven't been able to resolve yourself, if your problems are causing you or your business financial difficulties, or if you face an immediate threat of adverse action of collection by the IRS. If you're confused about the tax settlement industry and what it does, think about the debt settlement business. If you have a tax debt but don't currently have the additional funds needed to pay it, you can apply for “currently uncollectible” status.
And technically, it's possible to settle your tax debt for less than the full amount you owe through an IRS transaction offer, known as an OIC.