If you have more tax debt than you have money in your pay check, you are not alone. Your tax resolution specialist has seen more and more claims from people who find themselves in the exact same situation. The good news is that, with your tax resolution specialist’s help, you have more options than your think. Here are some ways that you can lower some of the debt so that you can find your way to financial freedom.
First, it is important that you talk with a tax resolution expert. The first thing that a tax resolution expert will do is go over all of your back taxes with a microscope. He or she will check for mistakes that will credit taxes back to you. There may also be deductions that you did not claim that will lower your tax debt as well.
Second, if you have a lot of tax debt, the IRS may work with you. Your tax resolution specialist can help you fill out an Offer in Compromise with the IRS. That essentially means that you can prove that there is no way you could ever pay the amount of taxes that you owe, and so you are providing the IRS with a settlement amount of what you can pay. Your tax resolution specialist can help you decide the appropriate amount of money to settle on based on your current income and the incurring tax debt.
There are some cases where you do not qualify for the Offer in Compromise offered by the IRS. In that case, your tax resolution specialist can help you devise a plan where you can slowly pay down the debt over time. In matters with incredible tax debt your tax resolution specialist can serve as a great advocate to help you pay the correct tax amount in a time that will work with your budget.