How to File for IRS Debt Relief

Video Transcript

"There are a couple of ways to obtain tax relief, or to pay less taxes then you owe. One way has to do with natural disasters. You'll frequently hear newscasters report on a natural disaster and hear it refer to declared as a national emergency or national disaster. And what this does, is it allows national agencies such as the IRS to put special programs in place to provide relief to the people affected. In the case of tax payers, this comes in the form of tax relief. And that relief may include increasing certain types of deductions or allowing more people to take advantage of certain deductions and they may relax other requirements. Now there is another way to obtain tax relief. And this is something you may have heard companies on TV or the Internet advertise. And this is also something you can do yourself directly with the IRS. There is something called an offer in compromise that you can apply to the IRS directly. But sometimes depending on the complexity of your tax issue you might need some professional assistance along the way to help you get to that point. If you do use a third party, just make sure they have expertise in the particular area of taxes that you are having the problem with the IRS. Make sure you know how they are going to bill you and find out if they have experience in dealing with the IRS and negotiating with them and what their success rate has been. And again, you might want to consider doing this yourself depending on the complexity of the tax issue."