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IRS Tax Help
IRS tax help refers to the free tax help offered by IRS. It is considered as the easiest way to get tax help. Every tax year, Americans shell out $7.5 billion to get help from tax professionals to prepare their tax returns. IRS tax help is meant for those people who find it difficult to calculate the complex tax entries. Many IRS offices in the United States offer walk-in tax help for technical or tax questions about various tax forms and tax returns. This helps the common people to ask the IRS officials and clear any doubts regarding tax preparation or tax deductions.
IRS tax help was introduced with the aim to assist people to accurately prepare their tax returns. IRS officials assist the taxpayers with payroll tax, sales tax, income tax, and employment tax problems. This has become a major advantage for the people as they can prepare their tax returns without the help of a tax advisor or tax preparation software. IRS also sponsors volunteer tax help programs such as community outreach tax education program, tax counseling for the elderly program, and volunteer income tax assistance program. These free programs held at various IRS offices provide a step-by-step help in preparing your tax returns.
IRS tax help officials can also suggest the amount of tax you need to pay to avoid being charged with tax evasion. They also assist you in applying for a refund in cases where you paid any excess tax. Every year, many people benefit from the IRS tax help programs. Here, you can take advantage of any of the IRS tax help programs to prepare your own tax returns without having to pay a tax advisor or tax professional.
IRS tax help was introduced with the aim to assist people to accurately prepare their tax returns. IRS officials assist the taxpayers with payroll tax, sales tax, income tax, and employment tax problems. This has become a major advantage for the people as they can prepare their tax returns without the help of a tax advisor or tax preparation software. IRS also sponsors volunteer tax help programs such as community outreach tax education program, tax counseling for the elderly program, and volunteer income tax assistance program. These free programs held at various IRS offices provide a step-by-step help in preparing your tax returns.
IRS tax help officials can also suggest the amount of tax you need to pay to avoid being charged with tax evasion. They also assist you in applying for a refund in cases where you paid any excess tax. Every year, many people benefit from the IRS tax help programs. Here, you can take advantage of any of the IRS tax help programs to prepare your own tax returns without having to pay a tax advisor or tax professional.
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Do you have an IRS Tax Problem? Here Are 6 Strategies to Solve Your Tax Problems Today
If you owe money to the IRS, you have many options legally available to you, to help you solve your tax problems.
Full Payment
The first option is the simplest and most straight-forward. You can simply pay off the outstanding tax balance. This assumes you have the resources to do so. You could either pay from current funds on hand or from borrowed funds. Once your account is paid in full, all collection activity will cease. Any outstanding liens and levies will be automatically removed. Unfortunately, not everyone can afford to make full payment. If you were able to make full payment to the IRS, you probably wouldn’t have a tax problem.
Installment Agreement
If you cannot afford to pay in full your past tax liability, you can request for an Installment Agreement. An installment agreement is effectively a loan from the IRS. There is no credit check although penalties and interest will continue to be charged until the balance is paid off. This will allow you to pay off your tax liability through monthly installments. The installment agreement may pay all (Full Pay) or part (Partial Pay) of your past tax liability.
Offer-in-Compromise
In certain limited circumstances, the IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment. This is what is known as an offer-in-compromise. By making an offer-in-compromise, you agree to pay less than the full amount of the taxes owed by you. If there is no doubt about your liability or collectibility, but an exceptional circumstance exists, then the IRS may still consider an offer in compromise. To be eligible on this basis, you must demonstrate that collection of the tax will create an economic hardship or will be unfair and inequitable.
Currently-not-Collectible
Currently-not-Collectible status means the taxpayer does not presently have the ability to pay their tax debts. The IRS uses this status to protect taxpayers from hardships that can be caused by collection activity. To qualify for Currently-not-Collectible status, your allowable expenses must exceed or come close to exceeding your income. The IRS will also consider your assets before placing your account into Currently-not-Collectible status. Once your account in placed in Currently-not-Collectible status, the IRS will stop all collection activity including levies and garnishments. The IRS will send you an annual statement stating the amount of tax still owed. Your account will be reviewed periodically to determine if your financial situation has changed and whether you still qualify to be classified as Currently-not-Collectible. While your account is in Currently-not-Collectible status, the IRS will continue to add interest and penalties but it will not try to collect the taxes from you.
Bankruptcy
Bankruptcy proceedings discharge certain taxes including federal income taxes. Federal income taxes can be discharged in a Chapter 7 bankruptcy proceeding. Many penalties and other assessments can be discharged through a Chapter 13 payment arrangement. Payroll tax liabilities cannot be discharged in bankruptcy.
Statute of Limitations
The IRS does not have forever to collect the money that you owe them. They cannot chase after you for the rest of your life. There is a 10 year statute of limitation for collecting tax (6 years for assessments of tax or levy made on or before November 5, 1990).This 10 year period begins to run on the day after the date of assessment. The statute is extended for the period of time you have a Bankruptcy filed and pending. The statute is also extended during the time you have submitted an offer-in-compromise and are waiting for an approval. This 10 year statute of limitation can be extended by mutual agreement if the agreement is made within the 10 year period. If the IRS doesn't collect the full amount in the 10 year period, then the remaining balance on the account disappears forever. All collection activity by the IRS must stop at this time.
Full Payment
The first option is the simplest and most straight-forward. You can simply pay off the outstanding tax balance. This assumes you have the resources to do so. You could either pay from current funds on hand or from borrowed funds. Once your account is paid in full, all collection activity will cease. Any outstanding liens and levies will be automatically removed. Unfortunately, not everyone can afford to make full payment. If you were able to make full payment to the IRS, you probably wouldn’t have a tax problem.
Installment Agreement
If you cannot afford to pay in full your past tax liability, you can request for an Installment Agreement. An installment agreement is effectively a loan from the IRS. There is no credit check although penalties and interest will continue to be charged until the balance is paid off. This will allow you to pay off your tax liability through monthly installments. The installment agreement may pay all (Full Pay) or part (Partial Pay) of your past tax liability.
Offer-in-Compromise
In certain limited circumstances, the IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment. This is what is known as an offer-in-compromise. By making an offer-in-compromise, you agree to pay less than the full amount of the taxes owed by you. If there is no doubt about your liability or collectibility, but an exceptional circumstance exists, then the IRS may still consider an offer in compromise. To be eligible on this basis, you must demonstrate that collection of the tax will create an economic hardship or will be unfair and inequitable.
Currently-not-Collectible
Currently-not-Collectible status means the taxpayer does not presently have the ability to pay their tax debts. The IRS uses this status to protect taxpayers from hardships that can be caused by collection activity. To qualify for Currently-not-Collectible status, your allowable expenses must exceed or come close to exceeding your income. The IRS will also consider your assets before placing your account into Currently-not-Collectible status. Once your account in placed in Currently-not-Collectible status, the IRS will stop all collection activity including levies and garnishments. The IRS will send you an annual statement stating the amount of tax still owed. Your account will be reviewed periodically to determine if your financial situation has changed and whether you still qualify to be classified as Currently-not-Collectible. While your account is in Currently-not-Collectible status, the IRS will continue to add interest and penalties but it will not try to collect the taxes from you.
Bankruptcy
Bankruptcy proceedings discharge certain taxes including federal income taxes. Federal income taxes can be discharged in a Chapter 7 bankruptcy proceeding. Many penalties and other assessments can be discharged through a Chapter 13 payment arrangement. Payroll tax liabilities cannot be discharged in bankruptcy.
Statute of Limitations
The IRS does not have forever to collect the money that you owe them. They cannot chase after you for the rest of your life. There is a 10 year statute of limitation for collecting tax (6 years for assessments of tax or levy made on or before November 5, 1990).This 10 year period begins to run on the day after the date of assessment. The statute is extended for the period of time you have a Bankruptcy filed and pending. The statute is also extended during the time you have submitted an offer-in-compromise and are waiting for an approval. This 10 year statute of limitation can be extended by mutual agreement if the agreement is made within the 10 year period. If the IRS doesn't collect the full amount in the 10 year period, then the remaining balance on the account disappears forever. All collection activity by the IRS must stop at this time.
Labels: irs tax rebate, online tax rebate, tax rebates
5 Ways to Handle IRS Tax Debt
You owe the IRS...you've checked to make sure the debt is correct and it is. Now you have to figure out how you're going to deal with it before the IRS comes and deals with you. These are the 5 most common steps you can take to deal with an IRS tax debt.
Step 1: Don't panic! The IRS isn't going to kick in your door the second you know you owe a tax debt. However just because you shouldn't panic; doesn't mean you should ignore the problem either. If you figured out you will owe before you filed, go ahead and file as soon as possible. If you don't file there is a non-filing penalty of 5% per month based on your income taxes. This 5% non-filing penalty increases by 5% each month that you don't file up to 25%.
Step 2: Buy yourself some time. You can send a written request to the IRS stating that you can't pay your debt right now. You can get a 45 day extension to pay your debt. Remember though, this is only a temporary solution, and you need to use this time to come up with a strategy, or borrow money, or figure out some other way to take care of your IRS tax debt.
Step 3: Deal with the devil. You should be prepared to deal directly with the IRS. The IRS offers several options to "help" you pay your tax debt. You need to be aware that whatever solution you setup with the IRS is not to your benefit. It's just like going to Vegas...the house always wins.
The most common way that the IRS will "help" you with your debt is by setting you up in a monthly payment plan. You should know that 97% of tax debtors who enter a payment plan fail. In fact the IRS wants you to fail, that way they can levy your bank accounts and wages because it makes it easier to collect the money from you.
Step 4: Seek professional help. You can gain the services of a tax professional to negotiate with the IRS on your behalf. Make sure the tax professional is legitimate, and always check with the Better Business Bureau before throwing down your hard earned money on the hopes of erasing your debt. Make sure whoever your dealing with is qualified to negotiate with the IRS. The IRS will only negotiate on your tax debt with one of these three professions: tax attorney, CPA, or licensed enrolled agent.
Step 5: You will have to pay. Even if you've been able to hold off your debt, and you've retained the services of a tax professional you will have to pay the IRS. You may be able to only have to pay a portion of the debt if you qualify for a settlement agreement. You may also have to pay back the full loan in an installment agreement.
Step 1: Don't panic! The IRS isn't going to kick in your door the second you know you owe a tax debt. However just because you shouldn't panic; doesn't mean you should ignore the problem either. If you figured out you will owe before you filed, go ahead and file as soon as possible. If you don't file there is a non-filing penalty of 5% per month based on your income taxes. This 5% non-filing penalty increases by 5% each month that you don't file up to 25%.
Step 2: Buy yourself some time. You can send a written request to the IRS stating that you can't pay your debt right now. You can get a 45 day extension to pay your debt. Remember though, this is only a temporary solution, and you need to use this time to come up with a strategy, or borrow money, or figure out some other way to take care of your IRS tax debt.
Step 3: Deal with the devil. You should be prepared to deal directly with the IRS. The IRS offers several options to "help" you pay your tax debt. You need to be aware that whatever solution you setup with the IRS is not to your benefit. It's just like going to Vegas...the house always wins.
The most common way that the IRS will "help" you with your debt is by setting you up in a monthly payment plan. You should know that 97% of tax debtors who enter a payment plan fail. In fact the IRS wants you to fail, that way they can levy your bank accounts and wages because it makes it easier to collect the money from you.
Step 4: Seek professional help. You can gain the services of a tax professional to negotiate with the IRS on your behalf. Make sure the tax professional is legitimate, and always check with the Better Business Bureau before throwing down your hard earned money on the hopes of erasing your debt. Make sure whoever your dealing with is qualified to negotiate with the IRS. The IRS will only negotiate on your tax debt with one of these three professions: tax attorney, CPA, or licensed enrolled agent.
Step 5: You will have to pay. Even if you've been able to hold off your debt, and you've retained the services of a tax professional you will have to pay the IRS. You may be able to only have to pay a portion of the debt if you qualify for a settlement agreement. You may also have to pay back the full loan in an installment agreement.
Labels: irs tax rebate, online tax rebate
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