Author: Kerminder Singh
Source: ezinearticles.com
Do you want tax relief? If the blame for non payment of taxes lies on various unforeseen and mitigating circumstances then there is a good chance that the IRS will offer you a chance to redeem yourself by negotiating a deal with you. There are various ways available to get that. All you need to do is that you have to get in touch with a tax expert who knows the ins and outs of tax relief.
You will find a host of such experts and will be hard-pressed to choose the right person. It's important that you put in a whole lot of effort with respect to choice otherwise you might land up with a more debt than you earlier started off with.
The IRS Offer in Compromise
This Offer is given by the IRS to tax debtors and is one of the best solutions on offer. The IRS offers this option or more specifically the Tax relief experts are able to negotiate an Offer in Compromise on the basis of a doubt with respect to the capability of the person to pay the full amount due. Moreover, an Offer in Compromise is also brought about if there is a contention with respect to the tax payer; whether they actually owe the debt. In such cases where there is reasonable doubt that the IRS would definitely go for negotiation and try and work out a reasonable amount due with a person who owes taxes.
The Agreement for Installments
Another instrument of tax relief is the 'Installed Agreements'. This is for those people who won't qualify for IRS Offers in Compromise. The IRS allows for the structuring of payment plans, five in number, for the repayment of the dues. These are the so called installment agreements. These installments are Guaranteed Installment Agreements, In-Business Trust Fund Agreements, and Installment Agreement on Specified Balance Due Accounts, Long-Term Installment Agreements, and Streamlined Installment Agreements.
Levy and Garnishment Release
Another way of getting tax relief is by affecting a procedure of wage garnishment. The decision for the same lies on the shoulders of the IRS! Herein, a portion of the paycheck is claimed by the IRS directly from your employer. Till the time the amount is paid in full, the garnishment will remain in place. After the tax has been paid in full, the IRS, will process a Garnishment release.
There are many more instruments that are available for the purposes of tax relief. As before mentioned all you need to do is try and come up with the best solution along with your expert and convey the same to the IRS and put the solution up for negotiation. You must remember that you will get tax relief only if YOU want one! Therefore, let there be no doubts in your mind as to the question of payment of your dues. You need to pay them and get it over with. The How and When will be answered by circumstances and the kind of deal that you strike with the IRS.
