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IRS Tax Debt Help | 5 Great Tips To Set Things Right With IRS | Flat Fee Tax Service

Updated: Nov 22, 2019

IRS Tax Debt Help - Here Are 5 Great Tips To Deal With The IRS Before we get into the 5 Great Tips, here are some "key points."

There are steps you can take to reduce the impact of unpaid tax debt on your life, credit and financial well-being. a. Be realistic about your situation and don’t ignore the fact that something needs to be done. b. Depending on how much you owe, you may be able to deal with the IRS yourself, or c. you may need tax professional help. If you have a big tax bill that you can’t pay, life can seem pretty bleak.

In the latest IRS statistics, there were more than 14 million open tax-debt cases against individuals and businesses heading into 2018, according to the IRS data book.

Despite one of the longest-running economic expansions on record over the last decade, millions of Americans continue to struggle to pay their taxes. So the "Good News" is your have a job and earning an income. The "Bad News" if you have a tax debt is the IRS can and will garnish you.

If you’re in that boat (have a tax debt), it is not the end of the world. There are real steps you can take to reduce the impact of unpaid taxes on your life, credit and financial well-being. Here are five tips to lessen that burden. Great Tip #1: Don’t ignore the problem. The IRS will not. Even if you can’t pay what you owe, file your tax return on time or, if that’s not possible, file for an extension and file it.

The late filing penalty is 5 percent of the tax owed per month up to a maximum of 25 percent of the balance. There is also an underpayment penalty of 0.5 percent to 1 percent per month of the balance owed, also up to 25 percent. If you don’t file your tax return or make any payment on your obligation, your tax debt will grow very rapidly. If you do not file a tax return, you will be what the IRS calls "non-compliant." That means that you have haven't followed the law. The IRS will create an inflated tax debt by a vehicle called a Substitute for Return (SFR). When you do file a tax return, there is no tax debt. A Substitute for Return creates the tax debt that can will be enforced. Great Tip #2: Be realistic about your situation. The IRS doesn't forgive everyone's tax debt. But, the IRS does forgive and settle tens of thousands of tax debt every year. Form 656 is the application for an “Offer in Compromise” to settle your tax liability for less than what you owe. Such deals are provided to people experiencing true financial hardship. "True financial hardship" does not mean that a taxpayer needs to be destitute. It means that you do not have any excess money to pay your tax debt after allowing for living expenses. A taxpayer is allowed the money to pay rent/mortgage, food, clothing, car payment(s), utilities, health insurance, etc. READ OUR TAX DEBT HELP SUCCESS STORIES

FLAT FEE TAX SERVICE CLIENTS SAVE, ON AVERAGE, 96% OF THEIR TAX DEBT AND HAVE A 95% OFFER IN COMPROMISE SUCCESS RATE. Great Tip #3: Owe less than $10,000? Handle it yourself. How big is the tax debt? If it’s less than $10,000, you’re probably going to need to handle the matter yourself rather than paying someone to help you deal with the IRS. Form 9465, the IRS application for an installment payment plan, can be filed online. The agency will automatically agree to such a plan for any taxpayer who owes less than $10,000. The plans typically allow you to pay off the balance owed plus penalties and interest over a 36-month period. If you owe less than $10,000, the IRS will not settle the tax debt. If you qualify for an Offer in Compromise but do not owe enough to settle, you can apply to be declared Currently not Collectible status. Great Tip #4: Owe $10,000-plus? Hire a Tax Attorney. If you owe more than $10,000, you really should consider hiring a tax attorney to negotiate with the IRS. Payment plans differ, and an experienced Tax Attorney can help protect you and get better terms. An IRS Tax Attorney can also help you avoid having a tax lien being assessed against you, which will damage your credit.

Be careful who you hire. Check out their Better Business Bureau records. If people have been "done wrong" by a tax relief company, there will be complaints. State attorneys general warn consumers regularly about tax-debt resolution scams. Great Tip #5: Do Not Over-Pay for Tax Debt Help. Be a wise consumer. We have all seen these ads on cable TV for tax relief companies. Those ads are not cheap. Do you want your fee for tax debt help to actually go to handling your tax debt problem or to pay for TV ads? Also, these companies have salesmen/women. They make 25% of whatever fee you agree to. Do you want your 25% of your inflated fee going to commissions? It doesn't matter whether you owe $10,000 or $90,000. It will take the same amount of work to do your IRS tax settlement. Do you want to pay more than you need to? Flat Fee Tax Service has, for more than a decade, provided a very affordable flat fee for superb tax debt help. We post our fees on our website for prospective clients as well as competing tax debt help companies to view. Our fees have stayed the same for more than 10 years. FLAT FEE TAX SERVICE TAX DEBT RELIEF FEES



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