Can Companies Reduce My Income Tax Debt In New Orleans
Income tax debt can be a heavy weight on your shoulders. You may not be sure how to start the process of reducing your tax debt. Starting the process can be even more intimidating. There are thankfully companies out there that can help you. In the best way possible, these professionals will know how to reduce your income tax debt. Income tax professionals or finance services companies are what these are called. These are some ways a New Orleans tax professional can reduce your tax debt.
Currently Non Collectible is one of your options when reducing tax debt. You are required to show that you cannot pay the debt as the income taxpayer. This is a program that not many people qualify for, and there are some limitations to the program. Any type of refund you receive will be put towards the debt. The IRS can also review you financial situation every few years. The third limitation is that a income tax lien will be placed on you. This prevents you from obtaining financing from creditors until the income tax debt expires or is paid off. This is a great income tax debt settlement for some people, considering you will have no monthly payments.
Offer in Compromise is another one of your options when it comes to reducing tax debt. This is a program that not many people qualify for again, but it is a great program for those that do qualify for it. The Internal Revenue Service looks at your ability to repay the debt over the course of a few years. They will also look at what kinds of non-liquid and liquid assets you have. The Internal Revenue Service will determine that you can pay a certain amount each month and also what the minimum amount they will consider for repayment is. Often people make the mistake of proposing an Offer in Compromise that isn't anywhere near the area of what they can actually pay. This program is great for reducing tax debt, but it is a program that is difficult to maintain and qualify for.
You also have the option of electing an installment agreement. Each agreement is based on your ability to repay the debt. The IRS determines what you can pay back, and if they determine that you can only pay back a portion then that is all you end up paying. This is a great income tax debt settlement for those that do qualify for it, but you are also agreeing to make that set payment for years until it expires.
An experienced New Orleans Tax Attorney can review your case and offer you a consultation. Instead of trying to deal with the IRS on your own, it is always the best idea to consult a professional about your income tax problems.
For more information about Tax Relief Attorneys in New Orleans LA, Tax Relief Attorneys in New Orleans LA , or Tax Debt Consultants in New Orleans LA please contact Foundation Tax Services 201 St. Charles Ave. Suite 2500, #203 New Orleans, LA 70170.
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