Tax debt help is just a few steps away with Defense Tax Group. Our goal is to help tax payers find tax debt settlement solutions to IRS tax problems. We provide assistance in settling tax debt by negotiating with the Internal Revenue Service on your behalf, saving you thousands of dollars. We can help with preventing or removing tax levies, tax liens and wage garnishments and work to prevent property seizures for outstanding tax liability.
We understand that time is of the essence when dealing with tax debt settlement issues. We will quickly contact you and begin working on your tax solution once you fill out our online contact form. Upon approval, you will make your initial deposit and we get started right away on tax debt negotiation to secure a tax debt settlement and save you thousands. Tax debt can be stressful to deal with.
Get helpful tips, advice and help with debt or any kind of irs help on setting up payment plans, requesting affordable installment agreements, reducing your tax debts through an Offer in Compromise, or discharging your tax debts through bankruptcy.-
If you haven’t filed your taxes, you are generally in a more advantageous position. That’s because you can still take every tax deduction you are legally entitled to in order to reduce your tax liability. More tips on filing back taxes . If you’ve already filed taxes, your tax professional should quickly review those returns to determine if they are accurate and if you were entitled to deductions you overlooked.
Amending a return requires a substantial amount of paperwork and reprocessing. Amended returns must be thoroughly accurate with lots of supporting documentation, or else you risk an IRS audit. Generally speaking, you’ll want your tax attorney to retrieve a complete set of documentation from the IRS and compare that information to the tax documents you already have. After a thorough review of your tax situation, the tax professional will advise you whether it makes sense to file an amendment.
The IRS has a pretty decent system in place for dealing with people who do not pay their tax bill (knowingly or unknowingly). The system includes a variety of penalties and actions against you:
Tax Penalties: The Failure to Pay Penalty is one-half of 1% of the unpaid tax for each month the tax is owed (not exceeding 25%). The Failure to File Penalty is 5% of the unpaid tax, and the interest rate is the federal short-term rate plus 3%.
Actions against You: The IRS can put a freeze on your bank account as well as drain it to pay the bill. If you have property, then they can place a tax lien on your property. Also, they can put a levy on your wages of between 30-70%, depending on your living expenses.
The best way to pay off your tax debt is to pay it all in one chunk. But what if you cannot afford to do that? Fortunately, the IRS offers several payment alternatives to help ease your burden:five strategies for getting out of debt.
Picking the right installment agreement to pay off your federal tax debts
a monthly payment plan for paying off the IRS.If you owe $25,000 or less (combined taxes/penalties/interest), and you need up to 60 months for repayment, then you can set up an installment agreement request through the OPA form above, or by filling out Form 9465: Installment Agreement Request. For balances over $25,000, you will be required to complete a financial statement to determine the monthly payment amount for an installment plan.
The important thing is knowing which installment agreement you qualify for, so that when you or your tax accountant talks to the IRS, you’ll be able to let the IRS know which type of installment agreement you intend to set up.
1 – Guaranteed Installment Agreements
2 – Streamlined Installment Agreements
3 – Partial Payment Installment Agreements
4- “Non-Streamlined” Installment Agreements – Read more in detail on our blog.
a fairly new debt management program where you have a long term payment plan to pay off the IRS at a reduced dollar amount.If you owe $25,000 or less (combined taxes/penalties/interest), you can use the Online Payment Agreement (OPA) to request an additional 30 to 120 days to pay. Requesting a partial payment installment agreement with the Internal Revenue Service can be easier and less time-consuming than requesting an offer in compromise. In a partial-payment installment agreement, the taxpayer makes regular monthly payments to the IRS, but the payments do not pay off the tax debt in full. After the terms of the installment agreement are fulfilled, the remainder of the tax debts are forgiven. Partial-payment installment agreements are one of the various way to get out of tax debt. How to Set Up an IRS Payment Plan With This Easy Guide
( TAX-DEBT-HELP-GUIDE – DOWNLOAD FREE)
A program where you can settle your tax debts for less than what you owe. Requires making a lump sum or short term payment plan to pay off the IRS at a reduced dollar amount.The IRS may consider allowing you to pay less than your bill through an Offer in Compromise. The IRS will, “generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.” Your ability to pay, income, expenses, and asset equity will all be taken into consideration for this route.Find out more plus see the application package through Form 656 Booklet: Offer-in-Compromise.
A program where the IRS voluntarily agrees not to collect on the tax debt for a year or so. Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer “currently not collectible,” after the IRS receives evidence that a taxpayer has no ability to pay. Such evidence is usually obtained from the taxpayer on IRS Form 433-F (other tax forms), Collection Information Statement. A taxpayer can request “currently not collectible” status by submitting Form 433-F to an IRS Revenue Officer or the IRS Automated Collection System unit.
Discharge your tax debts under the strict rules of a Chapter 7 or 13 bankruptcy petition.Filing for bankruptcy is one of five ways to get out of tax debt, but you should consider bankruptcy only if you meet the requirements for discharging your taxes.Tax debts are associated with a particular tax return and tax year. The bankruptcy law lays out specific criteria for how old a tax debt should be.
In most cases, however, taxpayers who owe the IRS and are trying to resolve their tax debt through an Installment Agreement, Offer in Compromise or Currently Not Collectible status, do not need a tax attorney. In fact, most delinquent taxpayers seeking a resolution to a tax liability owed to the IRS can secure their own resolution. Some just need guidance to resolve their own tax debt.
If you do need help getting started, Defensetax will investigate your IRS tax debt case and provide you with the knowledge, tools and guidance necessary to resolve it yourself. We’ll make it easy for you to resolve your own tax debt! But if you’d prefer full-service representation of your tax liabilities, We will recommend a licensed, reputable trusted tax attorney to represent you.
Working with the experts at Defense Tax is fast and easy:
♦ Form W-2