Top 10 Benefits Of Working With A Professional Tax Relief CompanyPublished:
Despite efforts to pay taxes in full and on time, many American have outstanding tax debt. In fact, this is one of the reasons that IRS Federal tax liens and levies have increased exponentially in the past couple of decades. When tax liens and levies are filed, the IRS can be relentless in collecting the tax debt owed by consumers regardless of personal and financial problems. This undoubtedly places a tremendous amount of stress on individuals that can quickly become overwhelming to families. One way to combat this growing problem is by utilizing the skills of a Professional tax relief firm. Regardless of the amount of tax debt owing, or how long debts have been outstanding, tax relief assistance from a trained professional can have numerous benefits. Here are 11 perks of working with a professional tax relief organization to resolve your tax issues.
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1. Get an immediate sense of relief.
For Americans, outstanding tax debt has become a burden that only grows as the years pass. As many of us know, getting behind on taxes or making errors when calculating taxes owed are easy mistakes to make. When the IRS letter comes, the feeling of panic and fear can be overwhelming. Having a professional company to assist, is the first step in releasing the pressure and getting yourself back on track with your tax obligations.
2. Have a strong and experienced ally when you face the IRS.
Facing a giant like the IRS takes a great deal of experience and professional knowledge. Don’t try to handle your tax issues alone! Having company staffed by experts who understand how the IRS works is a huge relief. Professional companies have CPA’s, attorneys, and other specialists who can put their knowledge to work for you. This will allow you to achieve the best possible solution for your IRS tax problems.
3. Prevent bank account levies.
Although property seizure is a common solution to resolve back taxes, the IRS can also take other actions to settle unpaid taxes. One of the more common techniques used is to go after the tax payer’s bank account. It should be noted that this method is typically used only after the IRS sends multiple written notices. However, no one is ever prepared for bank account levies when they actually happen.
According to tax professionals, nearly 60 billion dollars is collected annually from bank account collection activities. This is a significant increase from previous decades. It can be truly terrifying to wake up and realize that money you had set aside for bills and other necessities has been cleared from your bank account overnight.
Situation involving bank account levies can often be avoided by utilizing the skills of a professional tax relief firm. The key to resolving this issue promptly and efficiently is to contact your local tax relief professional as soon as you get a letter from the IRS that threatens bank account seizure. This can help eliminate your small issue before it comes a huge problem.
4. Enjoy the peace of mind that comes with resolving IRS problems.
We all know that issues associated with tax debt can cause major problems if left unresolved. You may want to stick your head in the sand and ignore the problem. But the chances are, those troubles will only increase with time. The only way to find an acceptable resolution for outstanding tax debt is face your problems and address them right away. A tax relief professional can help your navigate tax policies and procedures while getting your overall mental health back on track.
5. Get relief from your outstanding tax debt for less money than you actually owe.
You may have heard commercials on the radio or television regarding the elimination or reduction of tax debt owing. Such options have become popular because of the belief that the IRS would rather receive a smaller amount of your owing tax debt than no money at all. This resolution is actually achieved by agreeing to a settlement with the IRS to reduce of the amount of money you owe. However, this can be tricky, especially when tax payers do not know their rights or the consequences of settlement programs.
Companies that specialize in tax resolution techniques can help you to understand your options. As such, they will negotiate with the IRS to reach an agreement that benefits you and your family. This negotiation can usually lower the total amount of taxes you owe, simplify the terms of payment, and help you pay down your debt over a shorter amount of time.
6. Prevent the loss of your home or other property.
As IRS tax debt increased, IRS property seizures for owing taxes have also increased dramatically in the past few decades. The seizure of a tax payer’s home is one tool the IRS has to collect your owing taxes. That being said, it is typically a last resort when all other payment and negotiation efforts have failed. If you are concerned about property seizure, you should consult a professional tax relief organization right away. Experienced tax professionals can usually help you avoid property loss quickly and efficiently.
7. Get effective assistance for IRS audits.
Most tax payers are terrified of being audited by the IRS at some point in their lives. There is no need to be overwhelmed if you have a professional tax relief company on your side. These companies can assist with the process and make things much less stressful. In reality, the odds of being audited are around 1% each year for returns filed. Additionally, only about 1% of those are attributed to individual tax payers. But even if the odds are low, having a professional tax company on your side allows for an added level of security during the tax season and beyond.
8. Stop the IRS from garnishing your wages.
No one ever likes to consider the possibility of wage garnishment. However, wage garnishment is something that the IRS can use to reduce your owing tax debt. When this happens, the government can take up to 75% of your paycheck, and this is before new taxes are even taken out. Furthermore, related collection efforts usually stay in effect until the IRS ends them. This can be months or even years until the entire amount you owe is collected.
These types of situations can also be avoided if you trust a tax relief firm to act on your behalf. The key is to seek help from such an experienced company right away, so that trained professionals can reduce or eliminate your wage garnishment altogether.
9. Reduce your overall tax balance.
You may think that the amount you owe in back taxes is a fixed amount. This is not the case. Owing taxes are usually compounded with interest and penalties that can end up increasing the amount you owe significantly over time.
An experienced tax relief professional can review your case, and have penalties removed or reduced. They can also work to reduce the interest that accrues on your balance, which can increase dramatically over time if your tax debt is left unresolved.
10. Get your past tax returns resolved.
Approximately 20% of Americans struggle with tax problems every year. Many of these debtors ignore their tax problems and fail to file returns the following years. This then results in tremendous problems and increasing penalties. Instead of ignoring your problems, try working with a professional tax relief organization so can you can get the relief that will undoubtedly come when you are caught up all your current and past tax issues.
11. Avoid credit score reductions from unpaid taxes.
Although unpaid taxes are not typically reported to the major credit bureaus, it is something the IRS has considered implementing recently. Moreover, if a lien is filed due to outstanding debt you owe, that information is considered a judgment and will show up on and stay on your credit report for 7 to 10 years after filing. This could affect your credit score, your future ability to purchase a home or car, as well as potential employment.
Facing Tax Authorities on your own can be a tremendously intimidating journey for many tax payers, but it doesn’t have to be. Luckily, there are tons of professional options to assist in eliminating tax debt and providing you with immediate tax debt relief. The best option is to work with a professional and experienced tax relief company. If you are looking to get your tax related issues resolved for good, seek out one of your local providers today. You won’t regret the outcome or the relief you will feel when your outstanding tax debt is gone.