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Types of Tax Relief Solutions

Millions of people every year get a bill from the IRS for a tax debt they didn’t know about and that is an unpleasant surprise. How much is owed can be thousands of dollars and that is a mountain of money to many that are not wealthy to begin with. Tax relief solutions are offered by the IRS that can help people that don’t have the money to pay back right away. Not collectible status is one of the top forms of tax relief available today. Those that are facing wage and bank account garnishments or property liens may benefit from utilizing not collectible status. Garnishment of wages can be a huge financial drain for people that need money to pay bills. Liens are applied toward assets and properties when a debt is owed and that can be very distressing when it is your family home or your land.

The not collectible status can ensure that you don’t lose your home or important property due to tax debt liens. Getting this status approved is often much easier when you have a tax attorney to help with the filing required with the IRS. Not collectible tax relief can make it easier to get life on track and bring back financial stability. IRS tax debts are subject to a ten year statute of limitations in which they are not collectible after that ten years has lapsed. A viable tax relief solution for many is to enter into an installment plan with the IRS. An option such as this is beneficial for those that cannot afford a lump sum but can afford a monthly payment plan. This can happen for you if you take the time to fill out the proper paperwork at the website or send it in the mail and pay their nominal application fee in addition to this.

Payment methods are offered that give some choice to those that get approved for the installment plan. It may be wise to pay with the auto drafting bank account method as it ensures that it is paid on time and there is no room for mistakes. An offer in compromise is the third and final type of tax relief solution that can be utilized. Offer in compromise means that you ask the IRS to accept a lesser amount to settle the debt. Approval for offer in compromise is typically the most difficult of all other options as you must show dire circumstances to get approved. Those that can show they owe less than the IRS billed you for may also be able to get this type of settlement approved. An approval for this type of tax relief can be great due to the fact that it could save a lot of money to the taxpayer. The IRS tax relief solutions above can make it possible for you to get out of debt faster and find a solution that works for your financial situation.
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