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The Importance Of Tax Help Relief

By • Jun 7th, 2009 • Category: Tax

Are you aware that the federal government allows a tax debt relief program wherein there are provisions for installment accords, penalty abatement, offer-in-compromise and others? In other words, if one owes IRS money in the form of ‘Tax’ and is unable to pay the same, government provides compassionate grounds so that the person can redeem the debt over a period of time as per his/her convenience. This is one important reason why you must never neglect your tax problems because if you keep neglecting them, the problems would just become worse. With some tax help, you will be able to know what your options are and then seek the solution that is best for you.

If you have been filing your returns regularly, you can even enter into a negotiation with the IRS for some tax help. However in most cases there is a fear among people in dealing with the IRS because they think that they will make a statement that can go against them. Nevertheless, one must pass the “Eligibility” criteria that are detailed below to avail of tax relief facilities.

Eligibility criteria for the American Tax Relief Program

? It is more important that you have filed your tax returns than the fact that you might owe money to the IRS.
? It is important that you have disclosed all your assets that also includes back accounts and cash.
? For eligibility, the IRS will also need to ensure that there is no money in your savings, checking, money market or your brokerage account that can be used to pay the IRS.
? You must also be completely incapable of borrowing money from any secondary source such as a second mortgage on the home to pay back the IRS.

If you are eligible on the above mentioned criteria’s, then the IRS will allow you to repay the tax amount due in a manner that is convenient to you. Here are some areas in which tax help can benefit you.

• To be eligible for relief you must be unable to make a complete payment in all the ways.
• You must know that it is more dangerous to file a late tax return rather than not making the complete payment.
• The money you owe may be more than just the tax as there can be interests, late penalties, fees and fines too.
• Your penalty may be abetted if it is proved that you are very sincere about making the payment that is due.
• You might also enter an installment payment agreement through negotiation but firstly, you must qualify. A tax specialist can also help negotiate and get a good deal.

Your tax problems can thus be overcome in many ways with some qualified tax help.


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