Tax Relief ? Top 10 Ways to Reduce Back ... - Finance information

Do you find dealing with

the IRS frustrating? Intimidating? Time-consuming? How about all of the above? You?re not alone.

While taxpayers may always represent Themselves in front of the IRS, many turn to professional tax help (specialized tax attorneys, CPAs, and Certified Tax Resolution Specialists) in order to maximize their chances of winning a tax settlement while Minimizing their contact with the IRS agents.

So what are some of the tax relief strategies that are available to you? Read on for our top 10 tax relief strategies:

Offer in Compromise If you owe the IRS more than you can afford to pay, this could be the plan for you. Essentially, an Offer in Compromise, gives you the opportunity to pay a small amount as a full and final payment. If you qualify for the Offer in Compromise program, you can save thousands of dollars in taxes, penalties and interest.

Release IRS Wage garnishments When you owe Uncle Sam money, the IRS can levy your wages, salary, or federal payments until the levy is released, your tax debt has been fully paid off, or the time expires for legally collecting the tax. There?s room here to bargain for a release or modification to the garnishment if you do not have enough money to survive with the levy.

Never Ignore Delinquent Tax Returns No matter how late is your tax return, file it. You can not hope for a successful tax settlement until you have filed all your tax returns legally required. Not filing tax returns can therefore lead to more significant problems with the passage of time, so do not ?forget? about it. File it.

Investment Fraud Representation If you think you are a victim of a fraudulent investment scheme (?Ponzi? scheme), where you have lost all or most of your investment, you may be eligible to take advantage the United States Tax Code (law) to recoup 30% to 40% of your losses. This highly technical and complex process can help you reduce taxes paid in previous years resulting in refund with interest. IRS Payment Plan Take Advantage Of Much like a monthly credit card payment, IRS payment plans allow you to pay off your unpaid back taxes in installments instead of all at once. A well-qualified tax attorney or Certified Tax Resolution Specialist will negotiate the lowest possible monthly payment for your needs. IRS Tax Settlement for offshore bank accounts If you have undeclared funds in foreign bank accounts, now is the time to act in order to reduce your chances of criminal prosecution, minimize severe IRS penalties plan and work out a structured IRS payment. If you believe that you owe back taxes on your foreign accounts, you need to be proactive about disclosing your foreign funds and Obtaining FBAR compliance. Stop the IRS from levying Your Bank Account The IRS can issue a bank levy to take your cash in savings and checking accounts to collect back taxes. When the IRS levies a bank account, the bank is required to remove whatever amount is available in your account that day (up to the amount of the IRS levy) and send it to the IRS in 21 days unless otherwise notified by the IRS. Part of the process of resolving your IRS debt is obtain a release of the levy from the IRS. Utilize Collection Appeals This is a useful tool because you can file for a collection appeal to stop to IRS levy, lien, or the denial or termination seizure of an installment agreement. The collection gives you the opportunity to appeal explain how you think the situation could be solved without the IRS levy or seizure. Innocent Spouse Relief If you happen to inherit your spouse?s IRS tax problems, you have an escape route. If you can prove that your circumstances fit within the IRS guidelines for innocent spouse tax relief, you may not be subject to the taxes caused by your spouse or ex-spouse. Pay Attention to the expiration of the Statue of Limitations The IRS has 10 years from the date of assessment (usually close to the filing date) to collect all taxes, penalties and interest from you. An expert tax attorney, CPA or tax resolution tax specialist can help resolve your back taxes and IRS problems by just by advising and strategizing with you to wait out the 10 year expiration date. Read more tax relief options and tips here.

Much of this may seem overwhelming or confusing. Do not get intimidated by all this information ? hire professional tax help to fight the IRS on your behalf. Not only will they apply their years of experience to your individual case, so they want to make sure you get the optimum tax settlement you deserve without paying the IRS a penny more than you have to.

Tax Resolution Services is A team of expert tax attorneys, CPAs, and Certified Tax Resolution Specialists. We?re here to take your IRS tax problems off your desk and into our tax relief office. Call us today at (888) 699-7630 for a free tax relief consultation or visit www.TaxResolution.com. id=?article-resource?>

Michael Rozbruch, one of the nation?s leading tax experts, is a Certified Tax Resolution Specialist (CTRS), licensed CPA in the state of Maryland and the founder of Tax Resolution Services. He teams up with problems of expert staff of tax attorneys, CPAs, and tax relief professionals available to help individuals and small businesses solve their IRS. For more information on Achieving a resolution for your IRS tax problems call 888-851-5894 for a free tax relief consultation

More Tax Articles

Source: http://www.lovefinanceinfo.com/2012/03/tax-relief-top-10-ways-to-reduce-back-taxes-and-irs-debt/?utm_source=rss&utm_medium=rss&utm_campaign=tax-relief-top-10-ways-to-reduce-back-taxes-and-irs-debt

cincinnati bengals bengals the stand josh mcdaniels cotton bowl wizards of waverly place cedric benson