THE TOP 10 IRS TAX RELIEF STRATEGIES

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Call us at: 631-244-1650

Call us at: 631-244-1650

1. An Offer In Compromise

• Many taxpayers qualify for the IRS Offer in Compromise program.

• If you qualify, this Offer in Compromise program.

• Gives you the opportunity to settle a tax liability for far less than the total amount owed.

• A tax resolution specialist is able to calculate if a taxpayer can qualify for an OIC.

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2. Penalty Abatement

• The IRS can grant abatement and remove penalties.

• If there is a legitimate reason for not paying taxes on time.

• Penalties and interest can comprise a large percentage of the overall tax debt.

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• Sometimes as high as 50% or more.

• Consult with a tax resolution specialist to see if they are a candidate for abatement.

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3. Wage Garnishment Removal

• The IRS can garnish a taxpayer’s wages until the tax debt is paid in full.

• Act quickly to stop or release this type of levy.

• Consult a tax resolution expert.

• They develop a strategy to reduce or release the wage garnishment.

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4. Stopping A Bank Levy

• A bank levy is another form of legal seizure of property by the IRS to satisfy a tax liability.

• A bank levy freezes an amount available in your checking or savings account.

• Work with a tax resolution expert to resolve your tax problem quickly.

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5. Filing Delinquent Tax Returns

• To resolve a tax problem successfully, you have to file all previously unfiled tax returns.

• Often the IRS files a “substitute for return”.

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• Which does not include any deductions owed to the taxpayer.

• Filing a first time or an amended tax return.

• Can obtain those deductions and lower a taxpayer’s tax liability.

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6. Optimizing An Installment Agreement

• The most common IRS tax debt solution, for taxpayers.

• Is an installment agreement.

• Consult with a tax resolution specialist to develop a plan.

• Properly structured installment plan can reduce the total amount to be paid.

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7. Managing The Statute Of Limitations

• The IRS has three years to give you a refund, three years to audit your tax return.

• And ten years to collect any tax due.

• Together, these laws are called the statute of limitations.

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• A tax resolution specialist can help you to reduce an overall tax liability.

• By managing the debt with an eye on the 10 year statute of limitations.

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8. Innocent Spouse Relief

• When two individuals file a joint tax return.

• Typically each is liable for the tax debt.

• Tax liability is the responsibility of just one individual.

• There are three categories of innocent spouse relief in which a taxpayer may qualify for tax relief.

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9. Filing An Appeal

• Every taxpayer has the right to appeal an IRS tax ruling.

• There is an advantage in filing appeal to the IRS.

• IRS suspend their efforts at collecting the tax debt.

• This reprieve gives the taxpayer time to meet with a tax resolution expert to develop a defense.

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10. Currently Not Collectible

• If you have no assets or income above living expenses.

• You become currently not collectible.

• Collections against you will temporarily stop. This is a temporary form of relief.

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