subject: Getting Tax Relief From Professionals And The Government [print this page] It's important for you to file your income tax return on time, even if you cannot pay at that time.
The IRS takes taxes seriously; any delay can make things more complicated. If you already know that you're going to have a difficult time paying your taxes in full, you should start exploring your options for tax relief as early as today.
When it comes to claiming tax relief, it is smart to know all of your available options. Depending on your situation you may want to look into hiring a professional company to help you settle your debts with the government.
When you get help they will assist you in organizing and filing your paperwork. Their experience and expertise will help convince the IRS to possibly lower your tax debt or at least come to an agreement to setup a comfortable payment plan. Either way you will come up with a solution to your problems.
The IRS is now implementing better methods to encourage everyone to pay their federal and state taxes. This makes the present time the best occasion as any to start claiming government tax relief.
In response to the ongoing global economic crisis, the Obama Administration has started implementing legislation that work to ease the burden of tax debts. This legislation was put in place to benefit both individuals and businesses that are feeling the weight of the current financial crisis.
Relief has also come in the form of the American Recovery and Reinvestment Act of 2009. The economic stimulus package mainly gives tax relief for federal tax cuts and social welfare provisions.
In this legislation, relief for taxes was also optimized for senior citizens that are earning less than $50,000 annually.
Continuing over the next months, new forms of relief for Americans will be implemented. These options are being put in place to encourage individuals to seek the assistance of a good tax relief company to get their debts settled.
When Americans need help with taxes there are many different options to help them settle their debts. With the help of a tax representative, taxpayers can settle with the IRS.
Americans can take advantage of the penalty abatement program that has been implemented by the federal agency. Unlike negotiated tax settlement, this program provides tax amnesty for penalties.
This program deals specially with any continually late debts that were not paid for reasons beyond the taxpayer's control.
It is important to understand that not everyone is qualified for claiming relief. The IRS has posted a list of requirements to determine whether an individual is qualified for tax relief.
Eligibility for various options is usually determined by the individual's financial status and their ability to pay. Qualifications may include impending bankruptcy, victims of natural disasters, and other conditions that are reason enough to qualify for the IRS to grant some relief.
A real situation that created lots of people who needed tax relief was hurricane Katrina. The Bush administration came out with the Bush tax relief for victims of the disaster.
This relief by the Bush administration in 2005 provided over $6 billion in short-term relief to taxpayers who needed the assistance. Tax breaks where also provided, allowing more time for citizens to take the necessary actions so they can pay off their tax debts.
Aside from natural calamities, there are other classifications that will qualify a person for such relief.
One example is the Innocent Spouse Relief legislation. This relieves individuals from tax liabilities and penalties of filing joint returns with their current or ex-spouses. This type of relief is an allocation of liability.
In this setup, taxpayers file for the allocation of added tax that was not reported on a joint return that spouses typically file together. Finally, equitable relief refers to cases where individuals do not qualify for either the separation of liability relief or the innocent spouse tax relief in the USA.
To determine whether you're qualified for government taxes relief, it is always a good idea to consult with an established and trustworthy tax professional. Claiming such relief is much easier when you have someone who is experienced and can lead you through the experience and advise the best choices for your situation.
A tax professional will help you get relief and will know how to get through to the various IRS programs, sift through the paperwork that is needed, and assist in solving any tax problems.
by: Tom Selwick
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