Tax Debt | When the Tax Relief Program is your Silver Lining

Finding a decent job that pays well enough to pay the bills at month’s end, provide food and shelter for your family, and leaves a little something to make ends meet is not always as easy as it sounds, and for some people, it can be seemingly impossible. 

It is no secret that the cost of living has gone up globally, families and individuals alike are struggling to make it to the end of the month on their wages or salary alone, and are often obligated to find a secondary income. The issue comes in when on top of all that taxes need to be paid on income earned. However, if there aren’t enough funds in the bank this can quickly escalate into a bad situation and people end up owing copious amounts of back taxes to the US government with no idea of how to keep their heads above water or how to get out of the thick of it.

This is where contacting your nearest IRS branch can be just the solution you have been waiting for. Naturally, it can be daunting contacting the very organization you owe money to, but they are professionals who deal with these issues daily and who are there to help.

Here to help you

The IRS has a highly successful Tax Relief Program that can help individuals pay back the taxes they owe in manageable and agreed upon, by both parties, installments that allow for a continuous payment scheme whilst allowing the individual concerned to maintain a regular, sustainable lifestyle. 

This is not only a mutually beneficial option for all parties involved but helps to get you back on your feet and back on track without the weight of back taxes looming over your head for the rest of your life, or worse, have your assets and income eventually taken away from you because of it. 

But, as we all might have guessed we don’t all necessarily fall under the same tax bracket and which is another reason to get in touch with your local IRS branch to make sure you are paying taxes at the correct rate and not overpaying either. 

The irs tax relief programs are designed with you in mind. If you are ready to put a payment plan into action then you need to know what options are readily available to you and to opt for the most suitable one. Let’s break down the 4 main choices so you can make a more well-informed decision on how best to move forward to clearing your taxes owed. 

Instalment Agreements

This is a more manageable option for those individuals who are unable to pay the full amount owed in one lump sum and is further broken down into more defined categories to suit individual’s needs. You can consider paying over a set period if you fall under a certain earnings amount, work out an arrangement, based on the payment plan, if you are unable to complete the outstanding fee within the 10-year scope, or if you owe more or less than $100,000 in taxes then a more streamlined option maintaining the ability to make payments. 

Currently not Collectible 

This status is only given to individuals who have a larger monthly expenditure than they do income, most likely to individuals who are currently unemployed. So while this status on your record is not permanent, please take note, it offers a moment to breathe. But when the IRS is notified of any change in your situation, they will make contact and implement a suitable payment plan.

Offer in Compromise

If however, and this is not a common occurrence, you have no option or solution to pay back the full outstanding amount, an agreed fee with the IRS to pay back a specific number will be implemented. Either through installments or others.

Innocent Spouse Relief

This option can provide some relief from additional tax you might owe if your spouse, current or former, did not report income or claimed improper deductions. This would then not be your burden to bear.

The help you need when you need it most

At the end of the day the employment world and paying taxes is nothing new, and finding the right balance to manage both a personal and professional lifestyle can be tough. This does not go to say that it is impossible, or insolvable. 

If you have found yourself stuck in a rut trying to do the right thing, pay taxes owed, but just can’t seem to keep up, then the IRS tax relief program is just the silver lining in the dark days you have been waiting for. And you know it will be done the right way with a clear name at the end of it all. 

So, be sure to consider your most viable, affordable options so you can have (back) tax-free peace of mind.

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