Are you struggling with tax debt? If so, you’re not alone. Tax debt is a serious issue and one that can cause a lot of financial hardship if it’s not managed properly. Fortunately, there are solutions available to help you get back on track. Tax Debt Relief is an important option that can help you settle your tax debt and get you back on the right financial path. In this blog post, we will discuss when you should consider Tax Debt Relief and how it can help you get back on the right track.
The IRS Fresh Start Program
Tax Debt Relief has never been easier to obtain. The IRS Fresh Start Program offers eligible taxpayers with the ability to pay their tax debt in an affordable and timely manner. This program is designed for taxpayers who are struggling to make their tax payments and could benefit from a reduction in the amount owed. The Fresh Start Program provides tax debt relief through a variety of strategies, such as allowing taxpayers to pay smaller monthly payments and extending the deadline for payment. In some cases, the IRS may also reduce the amount of taxes owed or even forgive certain penalties and fees associated with the debt.
The Debt Relief Network can help taxpayers access the Fresh Start Program and provide advice about the best way to manage their tax debt. Through this network, taxpayers can be connected with experienced professionals who are knowledgeable in the various aspects of the IRS Fresh Start Program and can help them determine the most effective way to pay off their taxes. With the right help, taxpayers can work towards achieving a fresh start on their finances and get back on track with the IRS.
The Offer in Compromise Program
The Offer in Compromise Program is one of the most popular tax debt relief options for those who owe the IRS. It allows taxpayers to settle their tax debt for an amount that is lower than the total amount owed. This program can be an excellent option for people who are having trouble affording to pay the full amount, or for those who cannot afford to pay their tax debt at all.
Under this program, you and the IRS will negotiate an agreement that is beneficial to both parties. In order to qualify, you will need to provide proof of your financial situation, as well as demonstrate that you have made a good faith effort to pay your taxes. Additionally, you will need to use a Debt Relief Network to help you negotiate with the IRS. These organizations are experienced in dealing with tax debt and can provide invaluable guidance and advice on how to maximize the value of your offer in compromise.
Once your offer has been accepted, you will be able to pay off your debt in full with a single lump sum payment or through installments. This type of tax debt relief can provide great peace of mind as it will allow you to finally get out of debt and put an end to the constant stress and anxiety that comes with owing the IRS money.
The Currently Not Collectible Status
If you are unable to pay your taxes in full and do not qualify for one of the other debt relief options, you may be able to get your account placed into the Currently Not Collectible Status. In this scenario, your tax debt is not discharged; rather, the IRS will put a temporary hold on any collection actions while they assess your financial situation.
In order to qualify for this status, you must be able to demonstrate that paying your taxes would leave you unable to afford basic necessities, such as food and housing. The IRS will require you to fill out financial forms, provide proof of income and assets, and provide copies of tax returns for the past 3 years.
Once you have been accepted into the Currently Not Collectible Status, it is important to remember that the tax debt is still due. The IRS will continue to charge interest and may even impose penalties depending on the circumstances. Additionally, the IRS can change your status at any time if your financial situation improves.
For many people struggling with tax debt, finding relief is an uphill battle. Fortunately, there are organizations such as Debt Relief Network that specialize in helping taxpayers secure debt relief options such as Currently Not Collectible Status. If you are looking for tax debt relief, contact the experienced professionals at Debt Relief Network for help navigating the process.