So, you’ve got the news that every taxpayer hates to hear: You owe the government money! Thankfully, the IRS permits eligible taxpayers to settle their obligations through an installment arrangement.
What Is Tax Debt Relief?
The IRS Fresh Start Program is referred to as a government program that helps taxpayers and businesses reduce their tax liabilities and burdens.
Tax relief can broadly refer to tax credits, deductions, or exclusions that might lower your tax liabilities. There’s additional special tax relief available to taxpayers who have been affected by natural disasters.
How Does Tax Relief Work?
Tax relief programs vary by the amount of tax debt owed and the taxpayer’s ability to pay. Tax relief may offer you more time to pay, or help you settle a tax debt for less than the amount you owe.
What Is An IRS Installment Agreement / IRS Payment Plan?
An IRS payment plan is an agreement you make directly with the agency to pay your federal tax bill over a certain amount of time. There are two kinds of IRS payment plans: short-term and long-term. These IRS payment plans grant you an extended timeframe to avoid tax levies, but tax penalties and interest will continue to accrue on your debt until the balance has been paid in full. If you believe you can pay off your tax debt with a little more time, an installment agreement may be suitable for you.
There are two kinds of IRS payment plans: short-term and long-term. Short-term payment plans are 120 days or less, whereas long-term payment plans are 120 days or more. If taxpayers want to set up a short-term payment plan for approximately up to 180 days, they’ll need to apply for an extended short-term payment plan by contacting the IRS by phone or mail.
Resolve Your Tax Bills
If you’ve found yourself in a nasty mess with the IRS, take a deep breath. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there’s a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
How Simple Is Qualifying?
Considering that the Fresh Start Program is a federal program, you would think meeting the qualifications may be very difficult, but really, it’s a lot simpler and quicker than you think. Take the following steps in order to find out if you are eligible in as little as 3 minutes.
- Fill out some basic information about yourself and your back taxes here.
- Have a representative reach out to you to discuss your eligibility.
- Go through the enrollment process and finally reduce or eliminate your tax liabilities.