Back Tax Returns: Tax Relief Can Be A Step Away

Posted on 20. Oct, 2011 by in Back Tax Returns, Back Taxes, Filing Back Taxes

In these tough economic times, it is far from uncommon for someone to be in need of personal tax relief.

The original source of the problem could be anything from a failure to file a federal tax return, a late filing, failure to include payment with a return, or underreporting income on a return.

Any of these situations, as well as others, could be the reason personal tax relief is at the top of your agenda.

Ignoring a problem you have with the Internal Revenue Service is not a wise course of inaction.

There are two ways to go. Either try to handle the problem with IRS yourself or seek the help of a certified public accountant (CPA) or tax attorney to gain personal tax relief.

Going it alone has the obvious advantage of being cost-free, with the exception of the costs in time and stress involved, as well as the possibility of not getting the best deal in paying off any outstanding federal tax debt.

For example, will your situation allow you to pay your debt through a monthly installment agreement? Is an Offer in Compromise a viable way to proceed? In fact, what is an Offer in Compromise?

The time it can take you to work your way through the system without any prior experience can prove to be costly. In your go-it-alone quest to gain personal tax relief, it is possible you may inadvertently run up the tab due IRS.

How can this happen?

Say your problem with IRS is that you did not pay your federal taxes by the due date. According to the agency, this means that you will usually be required to pay a failure-to-pay penalty of ½ of 1 percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid. This has a ceiling of 25 percent of your unpaid taxes.

The point is that the longer it takes you to gain personal tax relief, the more it may cost you.

Gaining personal tax relief is not an easy accomplishment to achieve but it is an objective that is best achieved through the work of a tax professional.

We are committed to helping you with your back tax returns.  Whether you need help getting them filed or just need to understand the process, we can help.  Our experienced team of CPAs and tax professionals know how to deal with IRS back tax issues.  We will work on your behalf to settle your tax problem in your favor.

Your tax problem will certainly not go away on it’s own.  Call us now at 1-888-570-1033 for a FREE consultation.

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