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Every year there are thousands of Americans, unfortunately, finding themselves in trouble with the IRS. There are a couple of ways to get Tax Forgiveness after you have gotten yourself into the hole of paying back taxes. There are too many people for the IRS to keep up with them all. This is where tax debt forgiveness plays a part. Not sure how to pay your taxes and get out of this debt? The tax experts at Tax Shark can show you the way. Tax Shark can show exactly what you need to do to get back on track.
At the heart of any great tax resolution program that’s great, are multiple plans that can help someone with needs. One way this is accomplished by negotiating your tax debt to the IRS for forgiveness. A taxpayer that decides to come on board with a tax professional as Tax Shark will see the ease of working with such a great company as Tax Shark. Once a taxpayer has gotten into the IRS tax forgiveness services with Tax Shark, they will be able to start moving stress and doubt out, and that comes from being indebted to the IRS for years. Once a plan is in place, the resolution program is going. The taxpayer can start to breathe a sigh of relief.
How To Get Rid Of My Debt
The quickest way to clear debt is to start paying on it. Remember always to file your returns no matter if you are unable to pay your tax debt or not still turn in the early returns. Doing this will help you to avoid penalties and interest on your account. Not filing will result in a penalty and can put you in the hole even deeper if you aren’t careful the cost behind this could be up to 10 times the more than what you were paying.
The penalty is around five percent a month of the taxes you haven’t paid. This will continue up until the tax return is filed. This number will increase but won’t get above 25% of the total debt that is not paid — now looking at all of your penalties fees. Your late penalty is about .5 percent for each month until the tax is paid. Then the late filing fee is roughly $135 or 100 percent of the amount that is not paid, whichever is less.
Which Debt Forgiveness Option is for you?
Nowadays, there are a couple of options out there if you are a taxpayer that owes taxes. One of the programs, which is the Fresh Start Initiative, has been the force behind the push. Here we will go over the different programs.
Currently Not Collectible Status
In some rare cases, the IRS may look at your tax debt as Currently Not Collectible. What this means is that they will put your tax debt on hold. This can be due to the fact that life circumstances won’t allow for you to pay anything currently. When this happens everything, all IRS enforcement must stop. Sounds good? Don’t celebrate just yet. Even though this means your personal assets aren’t being levied. The process also pauses the CSED, which is the time the IRS has to collect the tax from you. The time to collect is normally up to 10 years, but if it paused, then you could be looking at a longer time frame. Unfortunately, your debt can still increase due to interest and failure to pay penalties.
If the IRS sees you can’t pay the tax debt in full, the IRS may allow you to pay in installments this is also known as an installment agreement. These agreements will allow for monthly payments that can last up to the amount it paid off. Normally these types of payments are set for 72 months. As long as the taxpayer can pay off their debt in full, they can use this method to make payments. You must have less than 50,000 in tax debt and other fees such as penalties and interest and also have all returns current to do this option though. If you can’t use the online payment agreement, then you may still qualify for other installment plans that are out there as well see Form 9465 or Form 433-F.
Installment Agreement Startup Fees
When you are set with the installments, you will also have a fee that comes along with that. Currently, to get set up with an installment, you will need to pay $120, but this has been revised a couple of times that would possibly increase the cost by more than $100 if you want to get around the fees. You can use a debit card to have your funds taken off your debit card. This option can be a lot cheaper, and the ease of use draws a lot of taxpayers to this option. If you are one that stresses about making your payments on time, this is a great option for you.
Small Business Installment Agreements
If you are a small business, then you have options as well. If you need to go this route, then you need to look into In-Business Trust Express installment agreement agreements. To have your business qualify your business must owe no more than 25,000 in payroll taxes and have all return filed. This type of installment generally doesn’t require an application, so they are easy to apply for. You must have employees on your roster also. If your business owes more than 10,000, and it falls under 25,000, the business can use the direct debit installment agreement.
Do I Still Get my Refund
During this process, while you are under any type of installment agreement, your refund will automatically be put towards your tax debt. This means until all of your debt is paid, you will not get a tax refund. Make sure to make all your payments on time, and you send in all your returns if you miss any one of these your agreement is null and void.
If you are trying to get an IRS tax settlement in Sacramento, this is for you. If you are looking at an IRS tax settlement, then you should see the Tax professionals at Tax Shark they can make sure that everything is right and you have a voice in tax law that knows the Knowledge and can get you where you need to be.
Tax Shark – Tax Relief – Sacramento is located on 500 Capitol Mall, Sacramento, CA 95814. From Sacramento International Airport (SMF) head north on Airport Blvd and keep right to continue on Airport Blvd E. Then keep right to continue on Aviation Dr and continue onto Crossfield Dr. Next, turn left and merge onto Airport Blvd. After that merge onto I-5 S via the ramp to Sacramento and merge onto I-5 S. Head straight for 9.6mi. Take exit 519A toward Q Street and continue for 0.5mi. Turn left onto 5th St. In 0.3mi Tax Shark – Tax Relief – Sacramento will be on your right. We are open 9am-5pm, Monday-Friday. For additional questions you can call us at (916) 542-9244.