Taxes are something that every adult has to face eventually. Balancing everything out isn’t as easy as it may seem. Sometimes taxes are more than expected and the individual filing ends up paying more than they can afford. There’s no need to panic, there is a solution. The IRS actually gives taxpayers a break on their tax debt as a way to help make it easier to afford bills and other expenses without neglecting tax debts. This is called the Fresh Start Initiative. this program allows taxpayers to take a six-month break from their taxes in order to get things together and start paying in. Taxpayers that owe more than they can afford will be given this extension if they are found to be eligible. That’s quite a break for those who need to find a way to pay thousands of dollars in back taxes.
In order to qualify, the income of individuals cannot exceed more than one hundred thousand dollars per year. Filing as married will has a maximum of two hundred thousand dollars per year. For those who qualify and still cannot seem to get ahead, a payment plan can be created. Easy payments and a six-month deferment should be more than enough to help make ends meet. Taxpayers must owe fifty thousand dollars in back taxes. This program is a great way to pay back taxes without breaking the bank. Debtors can have plenty of time to save up and flexible payment options that allow six years or more to pay the full amount.
There are some situations where the Frest Start Initiative isn’t enough. For those who owe a substantial amount, there may be other options. Surprisingly, the IRS is open to compromise. Taxpayers can work with the IRS and come up with a compromise that pays the majority of the debt without forcing the debtor to pay more than they can afford. With help from The IRS Solution Attorney, debtors can come up with a proposal that meets the needs of both parties. Hiring a tax attorney could be one of the smartest moves a tax debtor could make.