Possible Tax Resolution Strategies to Set Your Mind at Ease

DON’T PANIC!

Even for honest taxpayers, the IRS can be extremely frightening. The IRS has the power to attach your wages, freeze your bank account and even confiscate your property. That action is enough to send a chill up the spine of any taxpayer.

If you receive a letter from the IRS saying that you owe additional taxes, it is important not to panic. This may be a frightening situation. However, there are things you can do to settle your tax debt and get back on the good side of the IRS.

To clarify, Taxpayers have options when resolving tax disputes and paying additional taxes owed. Simply knowing what those options are can set your mind at ease.

However, it’s important to an educated taxpayer. For Instance, here are three strategies you can use to resolve your tax debt. Not all of these options will be right for everyone, but however, it is important to be an informed taxpayer. The IRS may be frightening, but they can be surprisingly reasonable – if you know what to say and how to approach the situation.

Review the Amount Owed And Your Tax Return In Question

If the IRS says you owe money, you should not simply assume they are right. The tax agency does make mistakes, as do tax preparers and ordinary taxpayers.

Whether you filed your taxes on your own or hired someone else to do it for you, needless to say, it is important to examine your return and compare what you find with what the IRS is claiming. It pays to seek professional help for this tax review. Even if you originally filed your own taxes. A professional with IRS experience may be able to uncover errors and inconsistencies you would have missed on your own. Ultimately, helping you save money.

In short, There is no guarantee this review will eliminate the extra taxes the IRS says you owe. But it never hurts to be sure, better to be safe than sorry. There have been many cases in which taxpayers who thought they owed money to the IRS ended up owing nothing – or even get a refund from the IRS.

Set Up a Payment Plan

Getting a notice of additional tax due from the IRS is very frightening, especially if you cannot afford to pay what the agency says you owe. Keep in mind, however, that you do not necessarily have to pay the bill all at once.

For Instance, the IRS is often willing to set up payment plans with taxpayers, and those payment plans could make paying what you owe easier and less stressful. It is a good idea to seek professional help and guidance here – the IRS can drive a hard bargain, and you do not want to end up with a payment plan you cannot afford.

Above all, If you fall behind on the payment plan you agreed to, you could be subject to additional enforcement action, including the tax agency garnering your paycheck or even freezing your bank accounts. Getting the help of a tax resolution professional upfront can help you avoid these serious consequences.

Explore an Offer in a Compromise Settlement

If you are truly unable to pay the money the IRS claims you owe, you may be able to work out a smaller payment. The IRS may not advertise this program. However, the IRS is often willing to work with taxpayers by accepting lesser amounts. This is especially true if those taxpayers have few assets and a limited income. Sometimes these can be for a fraction of what’s owed if you qualify.  We offer a free no-obligation consultation to find out if you qualify, call us at 718-367-6111.

It is critical that you work with a tax resolution expert if you plan to explore the offer in compromise. These compromise offers can be extremely complicated, with legalese and language that can be difficult to understand. You do not want to make a misstep here. You want to ensure that paying the compromised account will result in a complete settlement of your tax bill.

Few things are as frightening as getting a letter from the IRS. The official-looking letterhead is bad enough. The content of the letter is worse. If you receive such a letter, you need to take positive steps right away. In conclusion, ignoring the situation will not make it go away. The sooner you start exploring your tax resolution options the better off you will be.

Please call us at 718-367-6111 if you want the help of an expert tax resolution professional. We will explain your options to permanently resolve your tax problem.