During the time period of the Civil War, taxes were not as expensive as they are now. If an individual made between 600 and 10,000 dollars, they only paid 3% of that in income taxes. Unfortunately during current times, many of us pay much more than that. Often times, many of us cannot afford our income taxes. This causes us to default on them, which can bring on some major consequences.
If you owe the IRS between 10,000 and 25,000 dollars, you may want to look into income tax debt relief. This kind of debt often causes major wage garnishment. Wage garnishment is when the IRS demands your employer give them a portion of your paycheck. Depending on what you owe, it could take a considerable portion out of your pocket. Seeking out income tax debt relief will allow you to prevent huge financial consequences.
The failure to pay fees that come along with your tax debt, often comes with a hefty fine. This creates even more stress for those that are in tax debt. However, tax help centers are appearing in almost every part of the country. These centers help you negotiate with the IRS, and come up with the best plan for resolving your debt. Irs debt negotiation is sometimes complicated, allowing a tax help center to guide you through it will make the process much less stressful.
There are options for reducing and eliminating your debt. The main one being the Offer in Compromise. However, you must meet a specific set of standards to quality for this kind of income tax debt relief. On July 15th of 2006, the IRS changed the way this offer works. When filing for an Offer in Compromise, you must put down 20% of the debt you owe. There is also a 150 dollar fee for this option.
IRS tax relief can be hard to obtain. Look into centers in your area that will walk you through the process. Often times, a reasonable decision for both parties can be met. Not only that, but resolving your income tax debt sooner than later will allow you to avoid serious consequences. Besides tax penalties, the IRS can also knock you with wage garnishment and property liens. Do not let this happen to you, as it is very hard to reverse.
Look into income tax debt relief centers near you today. Many of them hold high quality professionals that assist in negotiation. They will also assist in protecting your rights, and work hard to provide you with financial stability. Do not sweep this issue under the rug any longer, answers to these problems are out there! Good refereneces: ctaxrelief.com