Tax debt problems are quite nerve-racking to handle, and many people don’t use professional tax services in Orlando, FL, to get rid of tax debt problems. In the current economic scenario, a great number of people fall behind their tax payments. It is due to these delayed payments that they often have to pay additional interest, fines, and penalties to the Internal Revenue Service. It is an individual’s responsibility to make appropriate and timely tax payments. This tax money is utilized by the government to provide people with public necessities and facilities.
If you owe tax debt or back taxes to the IRS, then you should look for proficient tax debt relief services Orlando, FL. Such experts have the right expertise and experience to help you formulate effective payment plans. Besides offering professional Kissimmee tax services Orlando, FL and making reasonable installment agreements, they let you negotiate with the IRS in the most effective manner.
Read on to determine different methods to get rid of your tax debt problems:
Orlando Tax Service Kissimmee – Offer in Compromise
The IRS uses this strategy to get a minimal tax amount from you. A taxation agency utilizes this method only if it believes that your financial condition may not allow you to pay the entire tax amount. As a taxpayer, you’ll have to fill out different tax forms provided by the Internal Revenue Service. Additionally, you are required to satisfy a few conditions to prove your incapability to pay the entire tax amount.
Offer in Compromise (OIC) requires an individual to make their tax payments on time as well as in full for a subsequent period of 5 years. The Internal Revenue Service will also get your tax refunds, credits, and other payments until you pay the entire tax amount. Though you may not be able to get credit for your expenses in the future, it is much better than being charged with legal penalties.
Orlando Tax Service Kissimmee – Installment Agreement
The experts offering tax debt help Orlando, FL can set up a monthly payment program for your tax payments. This method is one of the most convenient arrangements that you can use to pay off your tax amount. However, it is important to determine the most feasible installment agreement that can meet your needs.
The Internal Revenue Service offers an appropriate installment agreement to any person owing $10,000 or more in taxes. Nevertheless, you can avail this installment agreement only if you satisfy a few major conditions. By accepting an installment plan, you agree to pay the entire tax debt to the IRS within three years.
Orlando Tax Service Kissimmee – Bankruptcy
Chapter 13 or 7 bankruptcy is another possible solution to your tax debt problems. While chapter 7 bankruptcy allows you to get out of the entire tax debt, chapter 13 bankruptcy holds you responsible only for a certain tax amount. This strategy is applicable only under specific situations. You can avail this solution only if you are at least 3 years late in filing your tax returns. Moreover, your tax returns should not be fake or fraudulent in any manner.
While professional tax debt relief services Orlando, FL can suggest different methods to help you out, it is your responsibility to determine which method works the best for you.
If you need more information about our tax debt relief services, please contact us at 407-344-1012. 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.