subject: How I Saved $35,000 in Taxes by Doing This One Simple Thing [print this page] How I Saved $35,000 in Taxes by Doing This One Simple Thing
If you're anything like me and in the same tax situation that I was in last year, then you are looking for a way to save money on taxes. Maybe you owe taxes from a previous year and the penalties and interest are piling up. Or maybe you haven't filed because you still owe taxes and you aren't sure what to do to get out of this situation.
I know that owing a lost of money to the IRS can be very stressful. Well I owed over $40K in taxes from a few years back and was trying to settle my debt with the IRS so that I could move on with my life. I received a ton of letters from these lawyer firms that claimed they would settle my debt with the IRS for pennies on the dollar and they would take care of everything - for a fee. So I called about 6 of these places and went through the questionnaire over the phone with them and listened to what they had to say about the matter.
After speaking with the reps from the firms, I realized that I had learned several things about the IRS and what I was able to do that was legal and would help me out. There are many programs out there that are available for regular folks that help with your tax burden. The thing is though, that you will not see these programs advertised or even talked about anywhere that is easy to find. That is because the IRS doesn't want you to know this stuff and they want you money. And they will resort to all sorts of tactics to get your money that they think you owe them, like taking a lien out on you or garnishing your wages.
So now I was able to take the recent knowledge that I had acquired and call up the IRS myself. There is this thing called an Offer in Compromise that will let you plead your case. What this document is in a nutshell is, it's an offer whereby you state in writing what you can afford to pay for a short time period that will allow you to pay off your tax burden. There are some other requirements to get qualified for and OIC, but it worked for me and saved me $35K from my tax bill.
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