| Tax law provides many solutions for resolving tax | | | | frozen. After the notice you have only 21 days before |
| debt. But if you were to contact the IRS directly, they | | | | the IRS seizes your money for good. Working fast is |
| would only alert you to one solution, and that's paying | | | | imperative. If you set up an installment agreement or |
| the tax debt in full. Here are five popular IRS tax relief | | | | make any kind of good faith payment before the 21 |
| solutions you should know about to be more informed. | | | | days are up, you can save the money that is in your |
| <b> IRS Tax Settlement </b> | | | | bank account, and avoid the impact of the IRS tax |
| It is possible to settle your IRS tax debt. But there are | | | | levy. |
| some pitfalls you need to know. First, take a good look | | | | · <b> IRS Wage Levy</b> |
| at your assets and finances. If you have assets that | | | | If you ignore your tax debt long enough, the IRS can |
| can be sold to satisfy your tax debt or enough money | | | | implement a wage levy against you. This means the |
| in your bank account to pay the tax debt in full, you will | | | | IRS will remove a set amount from your paycheck |
| not be approved for an Offer in Compromise (IRS | | | | until your tax debt is paid in full. It is not unusual for the |
| Tax Settlement). Do not waste the money or effort if | | | | IRS to take up to 75% of your paycheck, leaving you |
| either scenario applies to your financial situation. | | | | a minimal amount to meet your own monthly financial |
| After you've determined that you have a chance at | | | | obligations. You are certainly in need of IRS tax relief if |
| settling your IRS debt, you will need to fill out Form 656 | | | | you are the victim of the IRS wage garnishment. The |
| "Offer in Compromise." Make sure you fill out every | | | | IRS wage levy can also be released or "lifted" but |
| single space, leave nothing out. Make sure to sign the | | | | seeking expert IRS tax help may be prudent as each |
| paperwork, as this is a common mistake people make | | | | pay period that passes creates more financial |
| when they submit their own forms. You do not want | | | | damage. |
| your tax settlement offer rejected due to simple | | | | <b> Installment Agreement</b> |
| mistakes because you will have to submit 20% of | | | | You can make monthly payments on your IRS tax |
| your offer along with the forms. If your offer is | | | | debt. The IRS will calculate your income and assets |
| rejected, this money is non-refundable. | | | | when you file Form 9456. After the IRS determines |
| You must also keep some common IRS tax | | | | you qualify, they will set the amount you can pay each |
| settlement roadblocks in mind before you submit your | | | | month to pay off your tax debt. When you are |
| offer. First, are you up to date with filing your taxes? If | | | | approved, you must make sure not to default on your |
| you are not, your offer will be rejected. The second | | | | monthly payments. Your plan will be canceled and you |
| issue is bankruptcy. If the IRS finds out that you have | | | | will not qualify for another installment agreement for six |
| filed for bankruptcy at or around the same time you | | | | months to one year. The monthly installment |
| submitted your Offer in Compromise, your tax | | | | agreement is the most common IRS tax relief solution |
| settlement offer will be denied. Finally, you need to | | | | for payment of back tax debts. As you can see, the |
| remember that an IRS tax lien will not be removed | | | | IRS provides many solutions for taking care of |
| when you submit your offer. Tax liens, with few | | | | common tax problems. You have to act fast and |
| exceptions, are only released when the tax debt is | | | | make sure you respond to any notices you receive |
| completely satisfied. The tax lien will remain until after | | | | from the IRS as soon as possible. The IRS will not and |
| your tax debt is paid off. | | | | can not be ignored. |
| <b> Getting an IRS Tax Levy Released</b> | | | | <b> When Negotiations Fail</b> |
| The IRS Tax Levy is a fierce weapon the IRS uses to | | | | Most people who call the IRS directly have trouble |
| collect on tax debt. If you do not reply to the IRS's | | | | communicating with the IRS. The IRS is trained to |
| correspondence requesting payment, chances are high | | | | collect money no matter what, so having them release |
| the IRS will use a tax lien or a tax levy on you. | | | | your IRS tax levy is nearly impossible for the ordinary |
| However, there are a couple of IRS tax relief solutions | | | | taxpayer. When levies are being implemented, time is |
| to try to get your IRS wage or bank levy stopped. | | | | limited. It's a good idea to hire a tax care professional |
| <b> IRS Bank Levy</b> | | | | that can negotiate with the IRS for you, on your behalf. |
| The IRS will send you a notice stating they intend to | | | | That will improve your chances at an IRS tax relief |
| levy your bank account. You bank account is now | | | | solution that is workable for you! |