Did you recently find out that you owe back taxes to the IRS? Tax relief services might make your situation more manageable in no time. Just make sure you know the answer to the question, “What are tax relief services?” before you begin working with one.
You should also clearly understand how they work and whether or not it’s worth calling on one for assistance in the first place. Keep reading to discover everything you need to know.
Tax relief services are for-profit companies that assist people in repaying and negotiating back taxes. They typically also provide other services, such as tax filing and general accounting services.
If you owe the IRS and can’t afford to pay them outright, consider calling one of these companies to learn about your options. They might have surefire solutions for dealing with tax debts accordingly without putting too much strain on your finances.
Each service takes a slightly different approach to helping those struggling to pay back taxes. However, many will begin by analyzing your situation and determining why the IRS is coming after you.
In some instances, you may have received Form 1099-C from a creditor after having a debt forgiven and forgotten to include cancellation of debt (COD) income while filing your taxes. A service will speak with you about the debt settlement tax consequences while discussing more general topics like taxable vs. non-taxable debt forgiveness and the IRS’s insolvency exclusion.
In other cases, you may have made mistakes when filing taxes after a bankruptcy debt discharge. A service will talk to you about the impact filing for bankruptcy might have on your taxes.
Whatever the case, the service you trust will help you decide which steps to take next when dealing with IRS debt. Here are several potential options:
This service will inform you of all the options that are a part of the IRS Fresh Start Program and assist you in choosing the one that will deliver the biggest benefits based on your specific circumstances.
Recent reports have revealed that about one-fourth of American taxpayers admit to owing back taxes. If you fall into this category, you might wonder more than, “What are tax relief services?” You may also consider whether working closely with one is worth it. The answer is almost always “yes.”
Owing money to the IRS is very stressful, especially if you have unreported income. It may spiral out of control if you don’t begin repaying the IRS immediately, as interest will cause your debt to grow substantially over time.
These factors make working with a service well worth it. You will regain control of your taxes and put yourself in a much better position to pay the IRS what you owe. You will have the opportunity to see different repayment options laid out so you can select the right one.
You will also receive the necessary guidance when communicating with the IRS, which will help bring your stress levels back down to earth.
Now that you know how to answer the question, “What are tax relief services?” would you like to speak with someone from a company that can help you with your tax troubles? Levy & Associates, Inc., is here to assist you. Call us at 313-447-1704 or complete this brief form today.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.