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Types of Tax Relief Solutions Finding out that you owe the IRS a debt can be a very upsetting experience It could be hundreds to thousands of dollars that many simply don’t have. Tax relief solutions are available to those that are struggling with their tax debt. A tax relief solution available is known as not collectible status. Not collectible status helps those that are being garnished of wages or that have liens on their properties. Having a portion of wages garnished can be a big financial devastation to many. A lien being placed on important assets and homes is one of the most difficult to deal with as that is often a person’s primary residence and their home that they have lived in for years. The not collectible status can ensure that you don’t lose your home or important property due to tax debt liens. It is likely going to require obtaining a tax attorney for this type of request as there is paperwork with the IRS involved. Another big benefit of not collectible status is it offers tax relief for long enough to get financial affairs in order. There is a ten year statute of limitations on IRS tax debt in which debts cannot be collected. Another tax relief solution that can be helpful is to use a payment arrangement. An installment plan can be a lifesaver for those that don’t have the money upfront but are able to make monthly payments that are less difficult. In order to get a payment plan a person must fill out a particular form online or send it through the mail and also pay an application fee. Payment methods are offered that give some choice to those that get approved for the installment plan. It may be wise to pay with the auto drafting bank account method as it ensures that it is paid on time and there is no room for mistakes. Last last tax relief option to be discussed is called an offer in compromise. The offer in compromise is when there is a payment for less than what is believed to be owed and the IRS settles for that lowered amount. The offer in compromise option is often the hardest one to get approved as they require proof of insolvency or financial distress. They may also approve this type of solution if you can show that you likely owe less than what they have billed. It is a great tax relief solution for those that can get it as it can save thousands of dollars. The examples of IRS tax relief solutions in this article can help those unsure of how to deal with IRS debt and move forward.Why not learn more about Solutions?

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