Many people find themselves getting a bit anxious when it comes to the IRS and filing their taxes. From mistakes and errors that you didn't mean to make to your inability to pay or submit your tax return on time, many factors exist that could ultimately cost you in fines and penalties. Instead of choosing to ignore your taxes and the issues you are experiencing for another year, you should instead find options that will help your situation and help get you out of this financial hole you may find yourself in.
The IRS Fresh Start Program may be just the solution you have been looking for and can help you get past your tax woes.
What is the IRS Fresh Start Program?
The Fresh Start Program was designed to help taxpayers begin to repay their debt without also facing more financial difficulty. If you choose not to see if you qualify for this program, then you may ultimately face:
• Wage Garnishment
• Tax Lien
Keep in mind that this program is not new, but rather an extension of a debt relief program that already exists to help taxpayers get back on the right track. Once you qualify for the program, you will be given a list of options to settle or repay the debt.
Options for Repayment and Settlement
• Penalty Abatement
• Installment Agreement
• Offer in Compromise
• Tax Lien or Wage Garnishment Release
Do I Qualify?
To qualify for the Fresh Start Program, you will first have to fill out and submit IRS Form 1127A which you can find on IRS.gov, however, you cannot submit this form electronically. Upon completion of this form, you must send it to the IRS through the mail. You must also have been unemployed for thirty consecutive days in 2011 or before April 15, 2012. If you are self-employed, you may still qualify, but your net income would have had to drop by at least twenty five percent.
Before you let your taxes and debt get out of hand and you go another year without taking care of it, research your options for relief and get help before you are faced with wage garnishment or other penalties that will add to your overall debt amount.
If you are unsure about the qualifications or the steps needed to see if you can receive help with the IRS Fresh Start Program, then contact Tax Relief Advisers.