As the old saying goes, the only things certain in life are death and taxes. If you run afoul of the IRS by not paying your taxes on time or not paying the right amount, then you will need to remedy the situation. However, this can be intimidating. Navigating the IRS on a good day can be overwhelming, which is why tax resolution services can be key when it comes to solving your tax crisis.
What Are Tax Resolution Services?
Tax resolution is an umbrella term that refers to services that help people when they’re having issues with the IRS. These services help individuals of small businesses represent themselves and argue their case in front of the IRS. These services can range from Offers in Compromise, Penalty Abatement, wage garnishments, bank account levies, and more. A solid tax resolution firm will seek a practical, straightforward resolution to a client’s tax issues.
These services can help alleviate the financial problems of serious tax situations and get them back into a more financially stable position. This can involve creating a custom payment plan with the IRS that helps the client pay back the balance of their debt in a manageable way, or helping to lower the amount of money owed.
How Are They Beneficial?
People suffering under the weight of a tax assessment may feel they cannot afford a tax professional to help them and they may try to go it alone. Not only is this overwhelming for the average person, it may actually cause more issues as they try to navigate the confusing policies of the IRS. Some of the investigations and negotiations that are required to resolve tax issues are tricky, which is having a tax professional on your side can be worth their weight in gold. Here are four reasons that tax resolution options can be helpful for you:
- Help You Avoid Wage Garnishments
When you owe the IRS money, they can garnish your wages without a court order and can often take more than is usually allowed in garnishment and levy cases. Tax resolution experts can help you avoid this by organizing a payment arrangement that’s more affordable.
- Eliminate Penalties And Interest
Owing the IRS isn’t just about back taxes. The IRS will also levy interest and penalties on a monthly basis that will end up leading you into more debt than you can ever climb out of. A tax specialist can help you reduce those penalties so that you only end up owing the principal amount. The IRS can be an intimidating entity to deal with, which is why having someone negotiate on your behalf can be so beneficial.
- Help Settle Back Taxes For Less
Tax relief specialists know the current tax code, which means they can help you find loopholes that can help you save money. Working with a tax specialist means they can use tax relief programs to help you out. They can also make an Offer in Compromise, which can help you settle the debt for much less than you owe.
- Help You Get Your Life Back on Track
Being under the threat of tax debt from the IRS is a nerve-wracking experience. The looming threat of the IRS can really send your life into a spiral of despair. Having a tax specialist in your corner can take the pressure off you and help you get your life back on track with a lower debt load.