If you fail to make tax payments to a federal, state, or local taxation agency on your earned income, you may be liable to pay tax debt to your concerned agency, and may require professionals tax services in Orlando, FL. Outstanding tax debt can make you pay great penalties and fines. In case the situation gets any worse, you may have to face severe legal punishments. Furthermore, the government or your particular agency has the authority to charge taxes or levies on your property for outstanding tax debt. In certain situations, the IRS (Internal Revenue Service) allows defaulters to utilize a payment program until they pay off the entire amount.
Fear and stress don’t help you handle challenging tax problems. If you owe a great sum of money and believe that you can’t deal with your income taxes on your own, then it is better to look for professional tax debt help Orlando, FL. With these specialized helpful resources, you are in a much better position to reduce or even get rid of your tax debt. Continue reading to determine how you can manage your tax problems successfully:
Tax Debt Help Tip 1 – Search for Tax Experts
A reliable accountant or expert tax agent can help you understand, evaluate, and resolve your tax problems. Don’t delay your corrective measures as it can make your tax matter even worse. Arrange all your financial records, documents, tax returns, expense records, and paystubs before consulting a tax professional. You may have to pay additional amounts for their tax services Orlando, FL, so find out their rates and charges before hiring their services.
Tax Debt Help Tip 2 – Request for Extension
If you are currently not able to pay the entire tax debt, then you can request your tax agent to negotiate with the Internal Revenue Service. If your tax agent properly represents you before the IRS, it can provide you an additional 6 months to file your tax returns.
Tax Debt Help Tip 3 – Negotiate a Payment Program
If you are financially not able to pay your tax debt in full, then you should look for an appropriate payment plan. The IRS allows all debtors to customize their payment plans according to their own financial circumstances and requirements. However, you may have to convince the Internal Revenue Service that your financial condition doesn’t allow you to pay your tax debt in full. Once you satisfy this condition, you can conveniently formulate an affordable payment program. This payment plan should be devised according to your own as well as your taxation agency’s conditions.
Tax Debt Help Tip 4 – Opt For an OIC
OIC (Offer in Compromise) is a contract that is signed between you and the Internal Revenue Service. According to this agreement, you can settle your debt by making a single discounted payment on your owed taxes. But this agreement has a downside that you should consider before making your choice. By signing this contract, you agree to make timely tax payments for the period of five years.
Experts offering tax debt relief services Orlando, FL can help you understand the tax process. Additionally, you can utilize their expertise to create a financial budget, make timely tax payments, and keep your tax problems at bay.
If you need more information about our tax debt relief services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting firm has its main offices in Kissimmee, FL. We serve the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.
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