It is important that you always know about your finances as well as the taxes that you file every year. Although you have a trusted accountant to do your taxes, you also have to ensure that you are hands on when it comes to your taxes. It is better to know everything about your finances rather than facing the Internal Revenue Service because of the mistakes on your tax returns. However if the situation is beyond your control and you needed help because of the mistakes on your taxes then you need an IRS tax relief to rescue you from the Internal Revenue Service.
IRS tax relief is a relief that you can get from your government in order to use as settlement to your creditor or to the Internal Revenue Service. Once the Internal Revenue Service sends you a letter informing you of your unresolved debt then you better act quickly by asking for an IRS tax relief. There are so many IRS tax reliefs you can use as your resolution but two of them are the most popular among taxpayers, and include:
Offer in compromise
Although two of these IRS tax reliefs can be use to prevent any creditors from getting all your money, both of them have pros and cons that you needed to know about. For example, offer in compromise is the one that you need in order to settle all your debt in the amount that you can afford to pay. However, getting this tax relief needs a good tax expert because Internal Revenue Service needs proof that you really need the tax relief. Meanwhile, installment agreement is an agreement between you and your creditor that you have to pay them in a monthly basis; that is why getting this …Read More