Many Americans now owe taxes. IRS liens and levies have increased dramatically in recent years. Nearly 4 million third-party tax levies were served in 2011, up 456% from 2001 IRS figures. In 2011, the IRS issued nearly one million federal tax liens, up 145% from a decade earlier.
The IRS relentlessly pursues tax debt. Individuals and families often face excessive stress and strain. Professional tax relief businesses can help with IRS or state tax issues, including back taxes or other tax issues. These organizations offer ten major benefits.
1. Don't Approach The IRS Alone
Tax relief companies offer various people with diverse educational backgrounds to aid you, which is a huge benefit. Attorneys, CPAs, and other IRS experts can use their experience to help you achieve the best tax settlement or solution. You can always have a few pros on your side when dealing with the IRS or State Tax Authority.
2. Lower Your Debt
Penalties, interest, and several tax periods can increase the IRS debt you owe. Their computer system automatically charges you these fines and interests, but you may not have to pay them.
Depending on why you owe the debt, a skilled tax relief agency can reduce these penalties from the overall number owing. Your balance's interest might also mount up over time.
3. Avoid IRS Property Seizure
Tax debts have cost some people their homes. The IRS uses property seizure as the last option to recover debts.
In the previous decade, IRS property seizures have skyrocketed. The IRS seized 776 properties in 2011, up 230% from 234 in 2001. A professional tax relief company can help you avoid these worrisome numbers.
4. Avoid Bank Levies
The IRS can use other measures to recover back taxes, such as seizing property. Bank account levies are also prevalent. After multiple written reminders and warnings from the IRS, many people are surprised when their bank account is emptied overnight.
A skilled tax relief agency can help you avoid these and other situations. When the IRS sends its first threatening letter, contact them.
5. Avoid IRS Wage Garnishment
The IRS can garnish earnings to recover past-due debts. This adjustment may devastate your household income, removing 30-75% of your NET salary before it reaches you.
An employer must comply with the IRS's collection efforts, and the wage order continues until the IRS lifts it, generally after collecting the whole amount.
A qualified tax relief agency can appeal to the IRS to lessen or halt your wage garnishment.
6. Pay A Fraction Of Your Tax Debt
The IRS often negotiates tax debts with taxpayers. This is because they would prefer to collect a small sum than nothing. However, negotiating a settlement with the IRS might be problematic if you are unaware of your rights or debt reduction schemes
Tax resolution firms might also help with this. They may frequently negotiate with the IRS to lessen your debt and simplify payment conditions.
7. Complete Prior Returns
Twenty-six million Americans have tax issues. Many people need to pay more attention to these issues for years and don't submit fresh tax returns, thinking they're already in trouble with the IRS. A competent tax relief agency can also assist you in submitting any outstanding tax returns.
8. Audit Assistance
Many individuals dread IRS audits. A reputable tax relief service will support you and ensure you have all you need. 1% of tax returns are audited annually. 1% of audited returns are for individuals. It's good to know you have someone on your side if you're audited, even though the odds are minimal.
9. Avoid Credit Score Dings From Delinquent Taxes
The IRS is considering sending information about delinquent taxes to the three main credit bureaus. Since the IRS lien is a judgment, it will appear on your credit record for years after you repay it or ten years if you ignore it. This information might damage your credit score and employment.
10. Relax Again
Outstanding tax debt may generate immense stress and serious consequences for individuals and families. The IRS is a powerful and relentless authority, and they will locate you if they want their money.
These troubles will persist. Addressing them when they occur is the only way to eliminate them. An expert tax relief agency to aid with all the difficult regulations and processes may improve your mental health.
The IRS and state tax authorities might be terrifying and daunting, but it doesn't have to be. There are various ways to minimize or eliminate debt, but doing it alone might be difficult. Polston Tax is your best choice. These experts can assist you in addressing your tax issues.
