You must have heard on the radio, TV, and online, that you can settle your tax bill for less than what you owe. Are these claims actually true? Can your tax debt be really be settled without hurting yourself in the long run?

Some of these national tax resolution firms you hear advertising offer very little service, just look at their Google and Yelp Reviews. It is important to know who to trust. You must and get educated on what your options are to resolve your tax problem.

As a local expert Tax Resolution Firm ourselves serving the Bronx and all Boros of New York City, we encourage all readers facing a tax problem to contact us for a free consultation at www.ultimatetax-relief.net.

As a matter of fact, it’s possible to settle for less than you owe. First, you must learn if you qualify for the program. This program is called an “offer in compromise.” Settling is not necessarily a bad thing.

An “offer in compromise” is a negotiated settlement between the taxpayer and the IRS. This is intended to help taxpayers who owe more than they can pay. In many cases, you can settle your entire tax bill for a fraction of what you owe, if you qualify. You can only get one if you genuinely can’t afford to pay back taxes or if doing so would cause extreme hardship. This can apply, for example, if you have become disabled.

You have to be current on all legally required income tax returns and must be current on any estimated tax payments if you are self-employed and you cannot be filing for bankruptcy.

However, the IRS would rather accept an offer in compromise instead of sending you to collections and potentially get less money. Taking an offer in compromise will NOT affect your credit score.. Having your offer in compromise accepted is a far better financial decision.

However, working out what offer to make on your own and learning the whole process can be challenging. That’s like representing yourself in a court of law without a lawyer.  Not smart. A better answer is to find a tax resolution specialist that can help you with the process to see if you qualify and determine what you will have to pay. A tax resolution specialist is a licensed CPA, Enrolled Agent or an Attorney.

One of the great things about working with a qualified and local tax resolution firm is that you get protection from the overbearing IRS, letting you sleep better at night knowing you’re on your way towards permanent tax resolution. They can head-off any impending garnishments of your paycheck or levys on your bank account.

Settling with the IRS is a good thing and is often the best answer to dealing with your back tax bill and moving on with your life.

We are your local expert tax resolution professional who knows how to navigate the IRS maze. We will explain your options to permanently resolve your tax problem. Call 718-367-6111 or online at https://ultimatetax-relief.net/contact-us/.