Every year, millions of Americans dutifully submit their tax returns, hoping to have accurately calculated their dues. However, the complexities of the tax system, combined with life’s unpredictable circumstances, can sometimes leave individuals burdened with overwhelming tax debt. If you find yourself in this situation, don’t despair! The Internal Revenue Service (IRS) has programs in place to help individuals reduce their tax liability and find relief from excessive debt.
In this post, we will delve into how you can take advantage of these IRS tax ro https://sportundnews.de/
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Understand The Fresh Start Program
When the IRS recognizes that taxpayers might be facing financial challenges, they introduce provisions to assist them. One such provision that has received significant attention is the Fresh Start Program.
The IRS Start program helps solve tax issues by providing a more flexible approach in terms of payment and penalty reductions. Key features of this program include:
● Expanded Installment Agreements: This allows individual taxpayers who owe up to $50,000 to pay through monthly direct debit payments for up to six years.
● Offer in Compromise (OIC): This allows taxpayers to settle their tax debt for less than the full amount they owe. The IRS will consider your unique set of facts and circumstances including your ability to pay, income, exp