Many people look forward to tax season with the same enthusiasm they have for a visit to the dentist. For people who owe a tax debt or know they are going to have to pay out, taxes are all the more stressful. If you have an outstanding debt, it can start to add up in the form of late-payment penalties, and then it is even harder to pay down. There are, however, certain reasons to work with a national tax resolution firm that can help the situation.
Tax Resolution Firm Services
Tax resolution firms perform many valuable services for their clients. The programs and exemptions available are case by case, and a Michigan IRS attorney will know exactly which ones you are suited for and how to apply.
Removal or Reduction of Penalties
Late-payment penalties only increase a tax debt and make it even harder to pay off. Your tax professional will know if you are eligible for any type of penalty abatement.
If you are after a quick resolution, requesting to pay down your tax debt in instalments is a popular option. A tax resolution company will know which type of payment plan will work best for you.
Tax Debt Reduction
For those whose circumstances prevent them from being able to pay their full tax debt, there are reduction options for those who qualify. Legal help is essential in requesting a tax debt reduction.
Tax Debt Postponement
For those who have zero ability to pay their tax debt, a tax professional will determine if you are eligible for “Currently not Collectible” (CNC) status.
Federal Tax Lien and Levy Removal
In the cases of a federal tax lien, this is a serious circumstance. It is important to act quickly and enlist the help of a professional before the IRS institutes heavy collection actions, which can result in your home and assets being seized in lieu of monetary debt repayment. A licensed tax professional can help you avoid these types of consequences.
Tax resolution companies know their way around the IRS. They understand how tax repayment works and are knowledgeable about which types of criteria are needed to apply for certain tax allowances. From penalty removal to negotiating installation payments, tax debt postponement, tax debt reduction, and federal tax lien or levy removal, these services provide an option for those struggling to pay down their tax debt and maintain a decent standard of living.