TAX DEBT RELIEF TO MANAGE YOUR FINANCES

2007-03-08 10:33:40

( Financial )



Tax debt relief is offered for individuals and companies with outstanding tax debt or in a financial crisis and cant afford to pay taxes. The Internal Revenue Service has a variety of tax debt relief program designed to help people in financial crisis and not burden them further with tax payments for a certain period.

Many people actually avail of tax debt relief every year which shows that there are many Americans facing financial problems nowadays. Economic analysts are espousing for measures to help citizens manage their finances. The government is doing its share in implementing measures through a debt relief program. Part of the program is a tax debt relief which has various programs under it.

Individuals and businesses can enter into a compromise offer to apply for a tax debt relief. The help of a lawyer is needed to process the application to get into a compromise offer on tax debt relief. The tax debt relief settlement can be paid in lump sum or monthly installments in either short term or long term deferred payment.

There are specific situations where you can apply for a tax debt relief. You can apply for tax debt relief during situations of tax liens, levies, late filing of tax returns, and during tax audits. Tax liens are court records of your tax debts. You can negotiate for a tax debt relief for your tax liens but even with settlement it will still appear on your credit records giving you a negative rating from lenders. Tax levies involved properties or income seized for non-payment of taxes. It is the last option by the government to settle taxes you owe. Late filing of tax returns is common problems encountered by many Americans with regards to tax payments. Penalties are incurred in these late payments and you can seek a tax debt relief for such costs. Tax audits are done to evaluate if you or your business is paying the right taxes. You can settle with the government to avoid such audits which will cost you more money when it will show that you cheated on your tax payments.

It is best to seek the help of a lawyer when you avail of a tax debt relief. Lawyers will give you the necessary advice and knowledge needed in processing your tax debt relief application. They will help you avoid any miscommunication in your talk with the government.


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