Taxes are not something that a lot of people would like to deal with. Many people watch as money gets taken out of their checks each month and if they are lucky, they will be able to receive a refund at the end of the year. Others will still owe more money at the end of the year and will find that it is hard for them to repay the amount that they owe. Some of these individuals end up ignoring their tax bill, hoping that it goes away. Unfortunately, this is not the way that things go. Rather than going away, the IRS is going to make things more difficult. You will receive penalties, fees, and interest on these bills. One of the worst parts is that the IRS is able to place levies on your property and personal possessions in order to get the money back.
If you find yourself in this kind of situation and feel that things have gotten out of control, you may need to get started with some tax relief programs. Even if you are way behind on your tax bill and feel like no one is going to be able to help you out of the situation, there is always someone to help. When you are looking for tax relief, make sure to contact the professionals at 1-2-3 Financial Services.
There are several options that 1-2-3 Financial Services will be able to look into in order to help you settle your tax debt. The first option is the installment agreement. This is a good option if you are not able to pay off the tax debt all at once. If you have a large tax debt, you probably don’t have all that money just lying around to pay the IRS. With the installment agreement, you will be able to spread the amount in payments that are more manageable through the year. If you owe an amount that is less than $50,000 our professionals can help you to fill out the easy form that will look at your income and come up with a payment plan that works for you.
Another option that works great for those who owe a lot of back taxes and are worried about never paying it all back is the offer in compromise. This is an option that allows you to settle the tax debt for a lower amount than what you owe. This option is only going to be allowed when you have tried out all of the other options and you aren’t able to make them start. The Fresh Start initiative has expanded the amount of people who are able to use this option, but you should still try making payments or other options first. You will be able to choose between an installment agreement or paying the new amount in a lump sum.
If you are unsure about which of these options are going to work the best for you, make sure to contact our professionals at 1-2-3 Financial Services. We will take a look at your situation and help you to learn which of the options can work in your situation and get you started on the plan that you chose.
Once you have chosen which method you will want to use in order to settle your debt with the IRS, you must make sure that you are making payments on time. This is not the time to push back the debt and assume that it will go away. You already made an agreement with the IRS and now is the time to ensure that you make all the payments on time. If you have trouble making payments on time, consider setting up the monthly payments to come out automatically from your bank account each month. If you are able to pay a bit more each month, you should in order to reduce your interest and penalty amounts.
In some situations, you may be able to get some or all of your delayed taxes written off. Whether this is a reduction in the fees that you owe, an extension on paying it all back, or even getting it all written off for you, this is going to save you a lot of money in the long run. The professionals at 1-2-3 Financial Services will take a look at your situation and help you to determine if you would qualify for these special circumstances to lower your tax bill.
For example, if you were in an area that was impacted by a natural disaster, you will be able to seek some tax relief. Areas that are hit by big floods, hurricanes, tornados, and so on can often see tax relief from the IRS. If you were in an area that was impacted, make sure to look on the IRS official page to see if they are offering tax relief for these areas. If this is an option for you, contact our professionals and we will walk you through the steps that are needed in order to get this relief in no time.
When you are looking for tax relief services and feel that all of your options have been exhausted, make sure to contact Louis Vestano at 1-2-3- Financial Services of Warwick, RI. We have the experience that you need to help you settle your tax bill so that you can get your life back on track.
1-2-3 Financial Services, Inc.