Receiving a notice from the IRS is something that will strike fear into the heart of any taxpayer. Particularly if you are not in a financial position that will allow you to instantly clear it up. The IRS is not known for their forgiving nature and an inability to pay will not prevent them from seizing your property or attaching your wages.
An estimated 8.3 million Americans currently owe some amount of back taxes. These amounts are anywhere from a few hundred dollars to hundreds of thousands. If you can count yourself as one of the people looking for Tax Relief in Brooklyn, here is some advice.
It may seem like a bad solution, but if you lack the cash to pay the debt and still have good credit it may work to your advantage. A loan will help you to avoid losing any property and will prevent any further penalties from being assessed. The IRS also accepts credit card payments, but this method is only advisable if you have a card with a low interest rate and will be able to pay it back quickly. If your balance is sufficient, consider taking a loan from your 401K. At least then the interest will be paid to you.
The IRS allows installment plans to pay back taxes. You will have to pay a fee upfront to set up the plan, make all payments on time as instructed and interest and penalties can still continue to be assessed. Any future refunds you are to receive will be applied towards the debt as well until it is paid in full.
Dispute or Settle
If you feel there is an error and you do not owe the taxes or owe less than the IRS is stating, you have the right to fight the bill. You can also look for help from a tax relief company to settle the bill. There are many instances in which a large tax bill has been substantially reduced.
Tax Relief in Brooklyn is available to help you decide what the best approach is for you. The best advice will come from an accounting firm knowledgeable about tax law. You will have a better chance for success when you have a professional firm on your side. For more information about protecting yourself and your assets, browse this site.