Qualifying for Tax Debt Relief

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In order to qualify for tax debt relief, a person will already have to be in trouble with their taxes. Find out how to get relief through an offer in compromise with help from a certified public accountant in this free video on tax debt relief.

Part of the Video Series: Tax Advice
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Video Transcript

Qualifying for tax debt relief is something that a problem that already has been started. Remember, failure to file, failure to pay; you've already dug a hole. And if you don't have the money to pay or you don't have the assets to sell or cannot borrow the money to pay the taxes contact the IRS. Set up payment plans, try to get tax deferrals, and the worst scenario is to try and get some relief through an offer in compromise. An offer in compromise usually is worked with a local accountant who works with the IRS; could be an enrolled agent, could be a CPA, and could be a tax attorney. Remember, it depends; the tax debt relief can be from meals taxes that a business failed to file, or income taxes. There's many taxes that we have failed to file. Now, the IRS; once you've made this contractual agreement you need to stick with it. Again, get the number, get the date, keep a diary of what you're willing to do and what your contract says you can do. The last thing you don't want is garnishing your wages. You don't want to stop your income and lose other assets. Now, to get tax debt relief there are professionals that promise they will get all kinds of relief and you hear about the TV ads that they were forgiven a hundred thousand. If you don't have any assets the IRS can put it in abeyance and they can hold off and try to collect in the future, so you want to be very careful. Be in contact, be in from them. Will they forgive it? Yes, sometimes they will write it down but it's then, when you don't have any assets and you really are in a inability to make a payment; there is no inheritance, there is no money to make this payment, they will work with you. Remember, they are human and their job is to settle the debt and get you off the books.


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