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Tax Relief Question

Every year when people file their taxes, there are many individuals who still owe taxes to the IRS. Sometimes, the taxes that are owed are more than the individual can afford and can become a burden for them. To help them, the government has developed certain forms of tax relief that can be used to lessen tax liability. Listed below are a few questions about tax relief that are answered by the Experts.

What is tax relief?

Tax relief is defined as any incentives or programs that an individual partakes in that decreases the amount of tax that they would owe. This also applies to businesses as well. An example of tax relief would be a tax credit that is temporary, like tax credits for alternative energy vehicles. Below are questions that have been asked of the Experts in regards to tax relief and tax relief help.

How can an individual find a good company to help them with tax relief?

There are many companies that advertise helping individuals with getting IRS tax relief. These companies state that they are able to negotiate with the IRS to lower an individual’s tax debt and provide tax relief. Some of these companies claim to be honest but end up taking an individual’s money without providing any real service. The best way for an individual to feel safe about their choice of company to help them get a tax relief is to check the company’s record with the Better Business Bureau. The Better Business Bureau grades companies and typically chooses the best companies based on factors like excellent service, customer satisfaction and honesty in their dealings.

Can bankruptcy be used as a type of tax relief?

In many cases, an individual may use bankruptcy as a tax relief. However, if the individual plans on using bankruptcy for tax relief, they should be aware that as a rule only tax debt that is over 3 years old can be discharged in this manner. If the tax debt is for taxes that are more recent, the individual could try contacting the IRS and set up a repayment plan that spans over 3 to 5 years. The individual may also find that if they talk to the IRS they may be able to reduce their liability which would afford them some tax relief. For more information, it would help to discuss their case with a local bankruptcy attorney at the earliest.

If an independent contractor does not file their taxes for several years, can they get tax relief from the taxes they owe?

If an individual who is a private contractor has not filed taxes in several years, they will most likely incur severe penalties on the taxes that they owe. If the individual receives a Form 1099, they should know that the IRS also receives a 1099 related to them and is aware of their income. Therefore, it is in the individual’s best interest to contact the IRS before the IRS contacts them. One of the most common types of tax relief that can be sought for this situation is the Offer in Compromise program.

However, it is advisable that the individual contact a licensed and seasoned tax attorney to help them with their case. This is because it could have severe consequences, owing to the fact that they deliberately failed to file their taxes and they would need to be extra careful while dealing with the IRS.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
5 Tax Professionals are Online Now

How JustAnswer Works:

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  • Get a Professional Answer
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    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Relief Questions

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    My husband who is military was a resident of Virginia for party of the year 2013 in the middle of the year he switched is home of record to Wisconsin, paying state taxes in both Virginia and Wisconsin for that year. When we had filed we noticed we hadn't received his refund for Virginia and shortly after got a letter saying we owed the amount in which we were supposed to get back from Virginia. We quickly called and were told that in order to get the money we had to submit a W2 to show proof that he actually paid Wisconsin state taxes for that year. We sent his W2 in and after that receieved a letter from our bank stating a tax lien had been put on our account and the money for the amount of the tax lien had been taken out. Essentially I don't understand how the state of Virginia can put a tax lien on us for the money they owe us and then take the amount they owe from our bank account. ANY help would be greatly appreciated!!!!
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    To Barb, Okay, so since I disbursed 24k from my IRA but I am disabled, I cannot put the 24k back and re-dispurse for 12 months. Therefore, no need putting it back as I can make more with margin leverage than the tax bracket I'm in without the 10 percent penalty. I am under 59 but disabled. I was also caught up in 2 schemes: a secret shopper scam for over 4k loss and illegal online gambling where I lost over 15k. All of which I sent to the BBB, Postmaster general, FBI ICU report and no response. Plus, I loaned a friend 4k and he passed away in May. So, since I only make 60K a year, that's a loss of over 23k, 25k of my 60 per year is SSDI,, So, if I read everthing correctly, my tax bracket should go below the extra income or be about the same with the deemed disbursement. Plus, I am suing for these lost monies and emotional distress. Sorry, long details "against the rules" Question:where am I going to end up all of this and around 12k deductions, etc. Plus, so far a capital gain=loss of 2k. tks
    Read more: http://www.justanswer.com/tax/8u1fi-hii-m-bit-confused-tax-statutei-disabled.html#ixzz3Mfi52yKv
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