Different Tax Debt Relief Options Explained

If you’re looking to settle your tax debt so that you can move forward, you need to know there are multiple tax relief options available, but you may not qualify for all of them. To learn about each of these options, you should do proper research online. An excellent source is an authoritative website hillhursttaxgroup.com where you can find a detailed description of the IRS Fresh Start Program that focuses on the Offer in Compromise, Installment Agreements (IA), and Tax Lien Removal, as well as other tax relief options such as penalty abatement, IRS levy & wage garnishment release, Currently Non-Collectible (CNC) status, and innocent spouse relief.

An IRS Offer in Compromise may be an option for you if you cannot pay the full amount that you owe to the IRS because it allows you to settle your tax debt for only a fraction of what you owe and get a fresh start. The process takes 4-8 months on average, depending on how fast you provide your LA tax attorney with the necessary documents. An option for taxpayers that do not qualify for an OIC is an Installment Agreement. As you can read on hillhursttaxgroup.com, an IA can remove liens already filed by the IRS as well as prevent a tax lien from being filed by the IRS. Note that a federal tax lien limits your ability to dispose of your property or obtain financing.

If you can’t afford these monthly payments, then you have another option which consists of putting you on Currently Non-Collectible status. You may qualify for this tax relief option if your monthly expenses exceed your current monthly income. According to hillhursttaxgroup.com, you can calculate your monthly income & expenses using Form 433-F. Other options available include tax penalty abatement ( this is very specific and depends on a proper analysis of your case) and wage garnishment or levy release, both of which require the experience and expertise of a top tax attorney.

If you want to know which of these tax debt relief options is the best one for your particular financial situation, then make sure to get in touch with the top-rated LA tax law firm Hillhurst Tax Group by phone at 323-694-9731 or via the online contact form on hillhursttaxgroup .com to arrange a free consultation with one of the best tax attorneys in Los Angeles. You will benefit from a free case review ( note that other tax law firms charge you up to $1,000 for a case evaluation) and expert legal advice, in addition to understanding the right tax relief options for you.