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  Category: Articles » Finance » Taxes » Article

Tax debt relief

By Rebecca Koch

Tax debt relief frequently asked questions
Tax debt relief is a serious matter and should be treated as such by anyone
involved in it. This is why it is recommended not only that you learn the
legislature related to this issue as well as you can, but also that you have to
revert to professional legal advice in order to make this action a success.
Many people donĄ¯t know but taxpayers are usually represented before the
Internal Revenue Service by an attorney, EA or CPA, as this gives them a
higher chance of settling their debt in a positive manner. OF course, you an
also skip having professional legal advice and try to deal with the IRS issues
yourself. However, most people do get overwhelmed by the complexity of this
process, and the pressures already created by being in debt are augmented
by the new problems that appear from the debt relief process.

Why should you consider hiring a professional legal advisor?
Not only will you save time and energy by doing so, but, in the end, you will
also realize that your decision also helped you save a lot of money. The cost
of hiring an attorney to represent your case might seem like an insignificant
investment when considering the potential benefits that come from a well
planned tax relief action. You will receive legal and ethical steps to take so as
to reduce the amount of debt and you will eliminate the frustrations and
emotional stress involved in such issues. The national compromise
acceptance rate is situated around 18% when professional representation is
not present, but many specialized financial service companies will offer you
rates that are 4 or 5 times higher.

What are some of the potential benefits?
Debts of less than $10,000 may be paid off in 5 years if the legal right to a
payment plan is accepted. Other plans are available, such as the one in which
you can repay an amount up to $25,000 in five years, with this amount
including all penalties and loan interest. There are three main offers in
compromise that you can opt for: doubt as to liability; doubt as to collectibility;
and effective tax administration. Of course, other solutions may also be offered
by tax debt relief specialists ¨C plans such as the currency uncollectible status,
innocent spouse relief, bankruptcy and several others. Your financial advisor
will suggest the best plan for your individual case and will base their
suggestion on several factors, including your life style and income.
About the Author
Rebecca Koch, I live in Wild Wonderful West Virginia. I am a consultant at a
search engine optimization company. I enjoy working with computers and
seeing how the world wide web changes every day.

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