Taxes are the one thing you can count on to occur year after year. While some may have a simple time completing their taxes, others aren’t so lucky. Taxes aren’t something that most look forward to, but the money collected through taxes allows us to enjoy some of the amenities and privileges we have every day but often think little about.
Sometimes things don’t quite go as planned when filing taxes. While you may have done the paperwork, cut the check, and mailed it in, you could still find yourself faced with a tax audit through the IRS or their state tax institution. The process can be difficult, inconvenient, confusing, or sometimes downright intimidating. Luckily, this is not something you have to do alone.
What Options Do I Have in San Diego, CA?
Delinquent tax accounts are close to 1 million, and this is only including those with a current delinquent account. In order to avoid having a delinquent account, one must be able to make up any difference that has been found by the IRS or a state tax commission in what they owe compared to what they’ve paid. More than 18 million Americans currently owe some type of debt to either the IRS or their state for back taxes.
The law does provide methods and solutions to allow you to take care of your tax debt quickly, but it’s not always a process that will go smoothly for those with little to no experience working with tax debt. Tax debt relief professionals can help you to work through these solutions in a way that saves you from falling into delinquency and saves your credit from the hit it may take in doing so.
So, what options are out there for tax relief? There are two most commonly used:
An installment agreement is typically the most common method chosen for approaching tax debt relief. With this method, your tax debt is cut into several installments over a period of time and slowly paid off over a period of months or years. The length of your payments and your individual payment amounts will depend on how much you owe and how much you can pay at any one time.
Offer in Compromise
An Offer in Compromise is a method that many Americans with tax debt will qualify for. This solution is offered when paying back a tax debt will result in financial hardship, and allows you to pay back significantly less than what you actually owe. In order to qualify for this solution, one should be prepared to back up their financial hardship claim with plenty of documentation.
Breathe Fresh Air With Tax Debt Relief
Taxes are rarely simple to understand, and they’re even less known for being easy. When you’re faced with an IRS or state audit, and the result is tax debt, there is relief out there to get you back into good standing once again. To learn more about tax debt relief in San Diego, CA, contact Tax Relief Advisers today.