Facing tax debt can be tough, but you’re not alone—many Americans are in the same boat. When it comes to dealing with IRS obligations, it can feel confusing. That’s where Tax Resolution 1st comes in. We’re a team of experts ready to help you understand your options and find the best solution for your needs. Whether it’s negotiating settlements, setting up payment plans, or getting rid of your debt, we work directly with the IRS to make things easier for you.
Here are some common questions about tax resolution that we often answer:
What options do I have to resolve my tax issues?
- Payment Plans: Set up structured plans to pay off your tax debt over time, typically if you owe $10,000 or less.
- Offers in Compromise: Negotiate a reduced settlement with the IRS by filling out Form 656.
- Innocent Spouse Relief: Get relief if you filed joint tax returns, didn’t know about your spouse’s tax issues, and suffered hardship.
- Penalty Abatement: Apply for relief from penalties by submitting Form 843.
- Discharge in Bankruptcy: Explore the possibility of getting rid of tax debt through bankruptcy, but not all debts qualify.
How can I qualify for a payment plan?
- Owe $10,000 or less.
- Make monthly payments that clear the debt within 72 months.
- File all required tax returns and pay estimated taxes.
How do I apply for an offer in compromise?
- Fill out Form 656 and wait for the IRS to review it.
- Your offer must be fair and realistic, and you need to show you can make the required payments.
How do I qualify for innocent spouse relief?
- Filed joint tax returns with your spouse.
- Didn’t know about your spouse’s tax issues.
- Suffered significant hardship due to your spouse’s tax liability.
How do I apply for penalty abatement?
- Complete Form 843 and wait for the IRS to review it.
- Your penalty must be unfair or unreasonable, or you need a reasonable cause for not following tax laws.
How can I discharge tax debt in bankruptcy?
- It depends on the type of bankruptcy and the age of the tax debt.
- Some types of tax debt, like fraud penalties and child support arrears, can’t be discharged.
In conclusion, dealing with IRS challenges is like facing a big and complex problem that needs careful understanding and smart solutions. As we traverse the intricacies of IRS, it becomes evident that facing the IRS requires not just knowledge but also a strategic ally. Tax Resolution 1st emerges as that ally, not merely equipped with expertise but armed with direct access to the IRS, promising optimal outcomes. The caution against independently navigating IRS issues underscores the complexity of the landscape and the potential pitfalls of going it alone. Time sensitivity in addressing tax problems is a recurring theme, as procrastination not only intensifies challenges but also exposes individuals to direct actions from the IRS.
If you’re feeling the weight of tax debt, reach out to Tax Resolution 1st for a free consultation https://taxresolution1st.com/contact/.
We’re here to help you understand your options and find the best way to resolve your tax issues.
