All You Need to Know About Tax Debt Relief and IRS Debt Relief
Are you having sleepless night from thinking of the debt you owe the Internal Revenue Service (IRS)?
Tax debt is a difficult situation which should be fixed because the IRS will surely come for you.
Tax debts are different from bank debts, credit card debts and many others so the way to resolve them differ too.
To make matters worse, if you owe the state or the IRS, they can come down on you heavily.
You could have your properties like house, cars and many other physical assets seized to pay off your debts. The IRS can garnish your income from social security, wages, retirement and many more.
With that said, Let’s take a look at what the tax debt relief program is all about.
The Tax debt relief program is one where the federal government assists you if it is established that you can’t pay your tax levy.
Tax debt relief is structured as a payment plan.
However, instead of you to pay the full amount that you owe, the IRS will agree to settle your tax debt and allow you to pay a reduced fee.
Once the IRS reviews your case file, they will check if you can pay off your debt and if you can’t, they will have no other choice but to settle.
Nonetheless, you must evaluate your options before Tax day so you can start the debt relief process early.
When will I be eligible for the Tax Debt Relief Program?
You can only be eligible for the tax debt relief program if you owe the IRS and you’re finding it difficult to make payment.
Before thinking of the tax debt relief program, you need to prepare your taxes and file them so you can know the specific amount that you owe.
Once you know the specific amount that you owe and you don’t have the financial capacity to make payments, you can now explore the tax debt relief program.
The earlier you apply for the program, the better for you.
Should I hire a tax debt relief firm to get this done for me?
The biggest reason why you need to let the professionals handle this is that it takes a lot of financial knowledge to negotiate a tax debt relief.
Legitimate tax relief firms hire the best professionals in the field who have vast knowledge and understanding of every available option, so it will be in your best interest if you allow them to represent you.
How to know if a tax debt relief firm is legitimate or scam?
Once you have buried your head in a pile of tax debt, it’s easy to be desperate, get your guards down and allow fake debt relief agencies scam you.
To avoid getting scammed, here are the signs to watch out for;
- You get an on the spot promise that your debt will be forgiven
- You get ignored after you have paid for their services
- Agency demand for payment before anything is done
- They fail to review your financial status
The Bottom Line
Getting yourself into a huge pile of debt isn’t the end of the world, there is always a way out.
Get in touch with Debt Relief Association for a Free Debt Review and be rest assured that there are No Up-front Fees.
We help people regain their financial freedom.
Contact us Today!