Tax Debt Relief Assistance is a free online service offered by the Internal Revenue Service (IRS). This service is designed to help taxpayers determine their tax liability and file appropriate tax returns for the taxable year ending on this date. tax relief services has recently extended an offer to potentially millions of taxpayers free debt resolution advice. The tax season is upon us. Why not take advantage of the many resources the Internal Revenue Service has to offer taxpayers who are not familiar with their tax planning and filing options? Here’s how.
Individuals or small business owners may find themselves confused by recent changes to the tax code. One of the most confusing is the extension of the Earned Income Tax Credit (EITC) that most taxpayers were not even aware of. The extension allows EITC filers to be eligible for additional money in their Social Security benefits. This additional money can potentially save a large majority of what an individual or small business owner may owe in tax penalties. Taxation law allows EITC filers to claim additional credits based on their payroll taxes, but only if those taxes were deducted in the last three years. There are complex rules governing the eligibility for EITC for taxpayers who fall within certain income categories, but these rules will be discussed later.
Taxpayers who are unemployed or underemployed will need additional tax debt relief assistance in the form of free consultation from experienced tax professionals. Many states and counties offer free consultation to qualified individuals who are unemployed or self-employed. Tax professionals are available by phone or in person to provide tax debt relief assistance based on the taxpayer’s particular circumstances. Taxpayers can schedule a free consultation with a state tax debt relief assistance office, or they can contact a local tax professional on their own. Both ways are very convenient for taxpayers because they do not have to move from where they live to meet with a state tax debt relief assistance office.
Taxpayers may also receive tax debt relief assistance from identity theft or credit card fraud. Taxpayers may become victims of identity theft or fraud if they supply any type of personal information, such as Social Security numbers, to anyone who asks for it, such as creditors, tax preparers, or anyone claiming to be from the IRS. Taxpayers should be aware of the warning signs of identity theft or credit card fraud. Taxpayers should also report any suspicious activity they might notice to the Internal Revenue Service. Taxpayers can file a report with the IRS right away, or they can ask a tax professional to file the report for them.
Taxpayers who qualify for tax relief may be able to settle their debt in installments. Taxpayers may be able to pay off their debt in as little as seven years, which is far faster than many years they could afford to pay their debt in full. The installment agreement can help taxpayers save money, since the amount that must be paid each year is smaller than what would have been paid over the life of the debt. It also provides a way to avoid future financial hardships.
Taxpayers who want to settle their federal tax debt relief plan in installments can contact a tax professional. Taxpayers can use tax professionals to negotiate with the IRS for their benefit. Tax professionals have experience negotiating with the IRS to obtain the best possible settlement for tax debts. Using a tax debt relief plan offered by a tax professional can ensure taxpayers avoid jail time, avoid damaging their credit, and allow them to pay off their debts in as little time as possible.