The tax code is a confusing, ever-changing entity, so it’s no wonder that many of us run into issues with our taxes and our filing history. While having problems with your taxes is understandable, it’s important to resolve those problems as soon as you can. Otherwise, they will continue to get worse and you’ll find yourself facing a much larger issue than you had originally. Find out how a tax resolution professional can help you square up with the IRS, and why a timely tax settlement or resolution plan is vital to long-term financial health.
There are a number of things that can go wrong in the tax filing process. It’s easier than you might think to accidentally enter incomplete or incorrect earnings information, which can lead to miscalculating the amount of tax you owe. Depending on what is going on in your life, it can also easily happen that you forget to file a return or to request an extension. If you have done one of these things, or find yourself in some other situation in which you owe the IRS money, it’s important to get the issue resolved as soon as you can.
The crux of the matter is that the IRS has a legal right to collect the money you owe, regardless of why you owe it or what your particular situation is. If you are not willing or able to pay the taxes you owe when requested, the IRS can seize your property, garnish your wages, and impose financial penalties that will increase your debt even more. The longer you wait before resolving your tax issues, the more money you’ll end up owing, and the worse your credit history and financial profile will become.
Tax resolution professionals are in the business of helping you navigate these types of tax problems, and can offer expert tax assistance so that you can settle up with the IRS in a way that works for all parties involved. This might mean that you set up an IRS installment agreement or a penalty abatement plan, or that you negotiate an offer in compromise in which you are able to pay less than the total amount you currently owe.
These various repayment options are not just available to whoever asks for them. Each of them requires a thorough assessment of the case at hand, and specific documentation that justifies the action taken. If you owe back taxes, your tax resolution expert will be able to examine your specific situation, advise you as to what your options are, and communicate on your behalf with the IRS to find a repayment strategy that is appropriate. This type of tax help can be invaluable because it both stops your debt from growing and creates a structure through which you can repay the amount you do owe.
The tax relief provided by tax resolutions professionals can mean the difference between never-ending debt and a stable financial future.