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Tax Tips

IRS Tax Relief Programs: Best Ways to Start Paying Off Your Debt

IRS Tax Relief Programs: Best Ways to Start Paying Off Your Debt

By on Apr 23, 2018 in IRS, Tax Resolution, Tax Tips | 0 comments

The Internal Revenue Service (IRS) estimates that well over 8 million Americans owe back taxes to the IRS.  Are you one of them? If so, it’s wise to consider how you are going to pay off your debt, as the IRS is not likely to forget that you owe them money. The best approach is to apply to a current IRS tax relief program that can help you start paying down the debt so that you are not the subject of a further investigation that could lead to a levy on your property or even a charge of tax evasion.   Here are some ideas about how to face your tax issues head on and get out from under debt once and for all: Installment Agreement Requesting an IRS installment agreement essentially allows you to pay off your back taxes over a period of time, instead of all at once. An installment agreement works very much like a credit card. You make a monthly payment that includes interest and penalties, and over the course of several years, you pay off your debt. The IRS is fairly willing to approve installment agreement requests. You can now apply for an installment agreement online if your debt is less than $50,000 and if are up to date on filing your returns.  Keep in mind that there is a small fee for applying for this program and you will still be responsible for paying interest and penalties.  Also, make sure that you make your installment agreement payments on time to avoid further problems penalty fees. Offer in Compromise  If you have a financial hardship and cannot afford to pay your debt to the IRS, you can request what is called an Offer in Compromise. The IRS will consider your income, assets, and debts when they determine if you qualify. So, you will need to be prepared to show detailed financial information in order to be considered. The IRS recommends that you explore other options for payment before an Offer in Compromise. You can find more information about the application process here.   Request More Time If you cannot pay your taxes right away and need a short-term solution until you have the money, you...

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Tax Resolution Service in Atlanta, Georgia

Tax Resolution Service in Atlanta, Georgia

By on Jan 4, 2018 in Filing Taxes, free, Tax Tips | 0 comments

Success Tax Relief is a full-service tax resolution firm located in Atlanta, Georgia that has over 30 years of experience helping individuals and businesses solve various complicated tax problems. We pride ourselves in helping clients all over the United States to gain financial freedom and live debt free. Our services include: Settle Back Taxes Offer In Compromise Stop liens, levies, and garnishments Unfiled Tax Returns Settle Payroll Taxes Stop Interest and Penalties Audit Representation Stop IRS Tax Problems Audit Appeal or Audit Reconsideration Innocent Spouse and Reasonable Installment Plans We start by taking a detailed look at your unique tax situation and base it on our evaluation of documents received by the Internal Revenue Service (IRS) we provide an assessment and recommendations for your specific problem. Our trained team has handled multiple tax situations including applying for Offer in Compromise, tax preparation, IRS Audits and more.   Why Choose Success Tax Relief? At Success Tax Relief, one of our top properties is to meet our customers’ needs.We take initiative by moving beyond mobile communication and get on a personal level with our customers. Whether you come to our Atlanta office or we come to you with a face-to-face consultation, our personalized customer service helps us better serve you. If you call, you will be speaking to a trusted specialist. We’re available 24/7 to answer any of your tax questions or concerns. You need a successful and professional tax consultant that knows what they’re doing and does it well. Just take a look at what our past clients have to say. No matter what debt/payment stage you’re in with the IRS, Success Tax Relief can help you move forward in the right direction.   No Obligation, Free Consultation We have a no-obligation, free consultation online. Just provide your name, number, email, how much you owe, check mark whether it’s federal, personal, or both and whether the consultation is personal, business or both.   Our Commitment to Our Customers We are committed to giving our customers quality service. We do this in the following ways: We will explain and discuss with you all viable options to resolve your issues in terms that are easy to understand. We will provide written documentation when possible....

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Does Owing the IRS Affect Your Credit Score?

Does Owing the IRS Affect Your Credit Score?

By on Dec 20, 2017 in IRS, Tax Debt, Tax Tips | 0 comments

A strong credit score is extremely important when it comes to qualifying for loans to buy a house, buy or lease a car, and accessing a line of credit whenever you need it.  If you owe taxes to the Internal Revenue Service (IRS), you may wonder if this tax debt can negatively affect your credit score.  As you might expect, the answer is somewhat complicated. Here is what you need to know: Quick Facts About the IRS and Your Credit Score Your credit score can be impacted if you do not pay your taxes in a timely manner. However, if you file your return, but are not able to pay the full amount due right away, this alone will not automatically mean a lower credit score. Owing back taxes does not automatically translate to a lower credit score. The amount that you owe the IRS is probably the biggest factor when determining whether your debt will impact your credit score. The only way that your credit can be impacted is if the IRS files what is called a Notice of Federal Tax Lien that gives the government the right to seize your property, including your home and your vehicles. The IRS will only do this if you owe a sizable debt and have not made efforts to pay it even after written notices.  Keep in mind that you will always receive many notices before the IRS files a Notice of Federal Tax Lien. The IRS is usually willing to work with you to help resolve your tax debt. You may qualify for an installment agreement. This allows you to pay your debt over time rather than in one, large lump sum. An installment agreement is not reported to credit companies. In addition, if you truly cannot afford to pay the debt that you owe, you can apply for an Offer in Compromise, an agreement atha settles your tax debt for less than you owe. It is important to understand that the IRS does not look favorably on those who neglect to file their tax returns (even if you cannot pay your debt) and will not grant relief in many cases unless your returns are current. Keep in mind that...

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Unpaid Business Taxes: 5 Steps to Getting Out of Debt

Unpaid Business Taxes: 5 Steps to Getting Out of Debt

By on Dec 1, 2017 in Tax Debt, Tax relief, Tax Tips | 0 comments

If your business has accrued tax debt over time, you may be worried about how you can possibly pay off the debt without sacrificing the viability of your business.  Small businesses are particularly vulnerable when tax problems surface and many end up closing their doors as they cannot stay profitable in the midst of the looming debt to the IRS.  Here are some steps to getting out of tax debt without worrying about your business shut down. Tips to Saving Your Business From Tax Debt Do not ignore the IRS:  If you have received any written notices about an unpaid business debt from the IRS, you should respond and begin working on a plan..  Ignoring the IRS only escalates the situation and can take it from bad to worse.  Penalties and interest begin to increase the debt that you owe. Currently, most tax debts compound at a rate of up to 14%, so waiting to address a tax issue will only put your business in an even more difficult situation.  Ask for a payment plan or an Offer in Compromise:  The IRS can put a tax lien on your property and eventually seize your assets, so your best bet is always to pay your tax debt off as soon as possible. One strategy is to apply for an installment agreement, which means that instead of paying your tax bill in one lump sum, you pay it off over time. This can be much easier for your monthly cash flow and keep your business from taking a big hit all at once.  An Offer in Compromise is another program that allows you to pay the IRS less than the full amount due. This process is lengthy and requires detailed financial records but nearly 25% of businesses that owe taxes to the IRS successfully use this approach to pay their debt.  If your situation is dire, explore other options: If your situation is truly dire, you may want to explore bankruptcy or requesting what is known as “uncollectible” status.  Bankruptcy can eliminate some of your tax debt and being put on an “uncollectible” status means that the IRS will leave you alone for a period of time (though you will still...

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The First Steps You Need to Take to Settle Your Back Taxes

The First Steps You Need to Take to Settle Your Back Taxes

By on Nov 20, 2017 in Tax Debt, Tax Resolution, Tax Tips | 0 comments

If you owe back taxes to the Internal Revenue Service (IRS), chances are you have already spent a lot of time worrying about how to resolve this debt without significantly impacting your day to day life.  Tax debt is a large financial and emotional burden and can be difficult to navigate on your own. Here are some tips on how you can settle your tax debt with the IRS once and for all. Key Steps to Settle Your Outstanding Tax Debt Confirm the exact amount that you owe:  If you have received a written notice from the IRS that includes an amount that you owe in back taxes, you should check this against your tax returns to ensure it is an accurate reflection of your debt. Your calculation may be different than the calculation the IRS has made, so it will be helpful to know the amount you actually owe. This will include the debt plus any interest and penalties accrued. File all tax returns: Even if you cannot pay what you owe, it is extremely important to file your tax returns each year. If you do not, you disqualify yourself from several important and possibly helpful programs that could settle your debt without paying it in one lump sum.  Filing your returns on time automatically reduces the number of penalties the IRS will charge you. Penalties and interest can add up fast and compound your problem. Face your problem sooner rather than later:  The longer you wait to address your back taxes, the worse the problem becomes. The IRS may not contact you for a period of time about your back taxes, but they will eventually want a payment.  The longer you wait to address the issue, the more you will owe in penalties in interest and the more difficult it will be to pay. Do you qualify for a payment plan?:  The IRS offers installment agreements to many taxpayers who owe money to the IRS. This allows you to pay your debt (and interest and penalties) over time via monthly payments, rather than a large lump sum.  Just like a credit card, you will have a minimum amount due and as long as you pay on time....

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Can You Negotiate Your Georgia State Back Taxes?

Can You Negotiate Your Georgia State Back Taxes?

By on Nov 13, 2017 in Tax Debt, Tax Resolution, Tax Tips |

Negotiating back taxes is not generally something most taxpayers think is even possible. But, over the last decade or so, the Internal Revenue Service (IRS) and state tax agencies have been working to improve overall accessibility and the perception that they are willing to work with taxpayers. The Georgia Department of Revenue (GDOR) has instituted several programs to help Georgia taxpayers with a fresh start.  It does require some negotiation and communication with the IRS. You can negotiate directly with the IRS to reduce the amount of tax that you owe or to request that you pay it back over time rather than in a large lump sum.   Here are some tips on how to negotiate in a way that may yield positive results for you! Offer in Compromise: If you are unable to afford the tax debt you have incurred with the state of Georgia, you may qualify for an Offer in Compromise (OIC). This agreement allows you to pay less than the amount you owe.  You should be aware that before you apply, you must have already filed your past tax returns.  You may qualify for a Georgia OIC if you meet one of the following criteria:   You are unable to pay the entire amount of taxes you owe, even by selling assets or through an installment agreement. There is a legitimate doubt that you actually owe part or all of your assessed tax debt. There is a special circumstance that makes full payment of the taxes owed an economic hardship.       2. Installment Agreement:  An installment agreement allows you to pay your tax debt off over time, rather than all at once. Spreading the   payment of your debt over time can offer the flexibility that you might need to finally pay off your tax debt.  You should complete Form GA-9465 to apply. In order to be eligible, you cannot have filed bankruptcy, have any unfiled or late tax returns, or have a pending offer in compromise with the Georgia Department of Revenue.  Finally, if your state tax liability has been assigned to a private collection agency, you will not be eligible for an installment agreement. How To Negotiate With The GDOR The best way to...

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