Income tax debt relief can take many forms when you're ready to negotiate with the IRS. When you don't have the money to pay your income taxes, it can seem hopeless as the IRS notices pile up on the desk.
But the truth is here are several ways to come to agreement with the IRS when seeking help with tax that are due.
Breathing Deeply
When you are seeking income tax debt relief, the first thing you should do is take a deep breath. While you're breathing deeply, you should also be considering the hiring of a tax negotiator. Though you can seek relief on your own, using an expert negotiator is really the only way to know for sure you have negotiated the best settlement possible.
The fact is the IRS is going to get as much money from you as possible even knowing they have full authority to relieve your debt. The IRS operates just like a collection agency, and the goal is to maximize revenue. After all, the IRS as an agency is judged by how much money it collects.
Unfortunately, it's also an agency that goes after what it sees as easy money. The people who can afford expensive tax attorneys make the IRS spend a lot of agency money in terms of agent salaries. A complicated tax case can take years to settle and in the meantime the agency isn't collecting any money.
Now compare the complicated collection cases to most middle-income cases. An agent can audit and negotiate dozens of tax debts with little resistance, because most people are afraid of the power of the IRS. That's why a tax negotiator can be so helpful in even relatively small tax debt cases, because they give the middle class taxpayer representation.
Exhale Slowly
When you need income tax debt relief, there are several options which can be pursued.
Submit an installment agreement
Seek uncollectible status
Make an Offer in Compromise
But before any of these actions are taken the amount of the debt itself should be negotiated. The lower you can get the tax amount owed, the quicker you'll be able to pay off the IRS.
A tax negotiator can act as an intermediary between you and the IRS. Income tax debt relief is possible, but the amount of relief depends upon dealing with the IRS on as even basis as possible. Let's face it - it's hard to negotiate when you're sick with worry and fear of the IRS.
Income tax debt relief means three things will occur. First, the debt is renegotiated. Second, an agreement between you and the IRS is put into place. Third, the agreement puts a stop to the awful collection process as long as you meet the terms of the agreement.
When you finally get income tax debt relief, you can breathe deeply and then exhale with happiness.
Written by: William McConnaughy
In just a few minutes, get a 6 month income tax extension with FileLater.com , an authorized IRS e-file provider
Tax Debt Relief Books
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Settle Your Tax Debt List Price: $19.95 Sale Price: $1.89 |
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As a result of increasing audits, many more assessments for back taxes and penalties are hitting unprepared taxpayers. Melvin shows how to settle for pennies on the dollar with the IRS "Offer in Compromise (OIC) program and arms taxpayers with nuts and bolts information about the IRS audit and collection process. |
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Your Executor Duties: How to Inventory & Appraise a Decedent's Estate; Obtain Letters Testamentary; and Settle Claims, Debts, & Taxes (Series 300: Retirees & Estates) List Price: $24.95 Sale Price: $70.47 |
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Revised to reflect the changes in the IRS death tax exclusion and the required accounting by executors now that previous required forms are not needed, this guide explains the specific role and duties of an executor for any appointed as such or for anyone who has written a will and has appointed an executor to carry out the specific desires and intentions that a lawyer may not be able to perform if beholden to the legal system... |
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Debt and Taxes List Price: $25.00 Sale Price: $3.53 |
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A political expert and an economic expert analyze America's current economic, tax, and budget woes in the context of ideology and philosophy in America's long political history. 10,000 first printing. |
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Tax Back America! The 2% Solution: How You Can Lower Taxes And Pay Off The National Debt List Price: $19.99 Sale Price: $19.99 |
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This is the Student's edition. It adds to the book information specific and relevant to Students. Like the original book, Tax Back America! The 2% Solution, How to Lower Your Taxes and Pay Off the National Debt, it proposes and explains the Fair Tax System that would eliminate all taxes and government fees except for three. |
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The Origins of American Public Finance: Debates over Money, Debt, and Taxes in the Constitutional Era, 1776-1836 (Contributions in Economics and Economic History) List Price: $119.95 Sale Price: $119.95 |
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An examination of an early version of the debate over money, debt, and taxes sheds light on current debates regarding public finance, a balanced budget, and paying off the public debt. Stabile shows that while special interest lobbying during the constitutional convention produced tax loopholes as part of the Constitution, determined leaders were able to get a reluctant population used to paying taxes and were capable of putting together plans of public finance that attained their goals... |
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A Letter on the Distresses of the Country: Addressed to His Royal Highness, the Duke of Kent in Consequence of His Motion Respecting "The Resolution of ... the Supposed Influence of Our Debt and Taxes List Price: $20.99 Sale Price: $20.99 |
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This volume is produced from digital images created through the University of Michigan University Library's preservation reformatting program. The Library seeks to preserve the intellectual content of items in a manner that facilitates and promotes a variety of uses... |
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