Understanding that taxes are the main sources of revenue for most of the government in the world is very important as an individual or a business. This will help you a lot in knowing the consequences of not filing your taxes on time and also the right amount with a business or an individual. If you are among the many Americans that owe the IRS money, it is very important to find a solution or a way out to avoid damaging your name. It will also give you peace of mind because owning there are is money feels like you are chopped in a hole. The IRS fresh start program is one of the solutions need to be thinking more about. Here is all you need to know about IRS fresh start program.
It is a program that was introduced in 2008 but was later explained in 2012 budget is a great program that is meant to ease the financial burden of many taxpayers especially because of the economic crash. You will be confused because it is not going to eliminate your debt at all but it provides you with better options of payment, but in the six-year period. Therefore, it is a program that will expect you to be every month based on your income as well as the current value of your liquid assets. Therefore, it is a program that helps you avoid very many consequences which are always severe. This program becomes very helpful for avoiding consequences like a high amount of interest, tax liens, and other expensive penalties. It will also help you to avoid wage garnishments and the seizure of assets to pay back the debt.
Another important thing you need to understand is that there are different payment options available. One of them is the installment agreement which has are different subcategories such as in business, streamlined, guaranteed and also routine agreements. If your case is different and you all them a large amount of money then you need to read more about the offer in compromise which is another payment option. Take attempt to also discover if you qualify for this program because not everyone qualifies to start using the IRS fresh start program as you also take your time to learn more about how to apply for this program. You can read here to understand the application process as you also seek professional tax preparers to help you out.
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