Tax debt relief ? When to seek professional assistance

Posted in finance and money | Tuesday, March 20th, 2012 Trackback

Oftentimes, taxpayers get confused when to seek tax debt relief when their tax debt amount spirals out of control. But it is usually said that the best way to judge is by the outstanding tax debt amount you owe. For instance, if your IRS tax debt has exceeded the USD$10,000 limit, it is high time you seek professional tax relief. As far as IRS tax relief options are concerned, you have different methods to choose from. The most prominent of the tax debt help options include the following-Tax debt settlement is good provided the tax debt amount is lower than USD$10,000. In this a payment plan is usually drawn up by making a request through Form 9465.

Offer in Compromise ? In this the IRS may agree to accept an amount of outstanding tax debt that can be paid in a lump sum. However, in order to qualify for this tax debt reduction program, you have to satisfy stringent norms.

Partial Installment Plan ? You will be allowed to opt for this tax debt reduction option provided the IRS approves of the same. In this method too, you are allowed to pay lower than what you owe to the Internal Revenue Service.

Source: http://www.colininjapan.com/finance-and-money/tax-debt-relief-when-to-seek-professional-assistance/

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