2 Circumstances Where a Tax Debt Can Be Forgiven
Contrary to popular belief, the Internal Revenue Service (IRS) isn’t a money-hoarding monster. They will not take your hard-earned income and leave you homeless. With the IRS, you will have every opportunity to pay your tax debt off.
First, you will receive multiple notifications informing you about the amount you owe. At that point, it’s up to you to take action. You can either take care of your tax debt responsibilities or ignore them.
The professionals at Success Tax Relief, a tax relief firm based in LaPorte, Texas, does not recommend you ignore anything that comes from the IRS. The IRS certainly won’t ignore you!
For some taxpayers, the amount owed can be easily taken care of. However, for others, the amount owed may be substantially large—so much that this might intimidate taxpayers into not dealing with the situation at all.
Don’t do that. That’s how trouble gets started and this is where all those scary stories about the IRS could come true for you.
The real truth is that you can control how the IRS conducts business with you. All you have to do is acknowledge the claim. Confirm it and then try to work out some type of arrangement where you can appease the IRS while not breaking the bank. Do this, and you may discover that there’s a chance that your entire tax debt may be forgiven!
How Can You Get Your Tax Debt Forgiven?
In order to determine whether or not your tax debt can be forgiven, it’s recommended to consult a tax relief consultant to help you better communicate with the IRS regarding such matters. You are more than welcomed to do it yourself; however, you may find yourself in a situation where you may be in over your head in regards to dealing with all of the red tape that’s involved with resolving your tax debt.
Has Your Income Decreased?
There are many reasons why your household income may decrease. If you have experienced any of the following, you may be able to present a case to the IRS about why they should consider forgiving your tax debt:
- Loss of job
- 401K drops in value
- Your business closes
- Your employer goes out of business
- You are on the brink of hardship
Many of the things on this list may be related, but when it comes to trying to get your tax debt wiped out, the IRS looks very closely into an individual’s situation and circumstances. Every case is handled differently. There is no cookie-cutter way to resolve tax matters. If it were, then everyone would do it. That’s why Success Tax Relief is here to help alleviate any tax issues anyone might have with the IRS—big or small. We have been in the business of resolving tax matters through the Fresh Start Initiative or an Offer in Compromise. To learn more about these services, contact our office near the Houston or Atlanta area today at or call us direct at 877-825-1179.