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What Is IRS Tax Debt Relief Program? Do You Qualify for It?

The financial burden of tax debt is not a joke and the only way to become debt free is to stop ignoring your debts. Because the sooner you do your due diligence, the sooner you can live your life debt free, like the way it should be. https://bit.ly/2944S1V

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What Is IRS Tax Debt Relief Program? Do You Qualify for It?

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  1. What Is IRS Tax Debt Relief Program? Do You Qualify for It? Everyone has to pay the taxes, but at times the money you owe to IRS might be greater than the amount of money you actually make. If this is how your situation is, the IRS Tax Debt Forgiveness Program might prove to be the best option for you. But before you apply for this program, you should know some important aspects which are enumerated below: The Qualifying Criteria Well, this is not a one-size-fits-all program and technically the IRS Tax Debt Relief Program is called as Offer in Compromise (OIC) and it entirely depends on the amount of money owed. What is OIC? An OIC is an agreement or settlement between you and IRS that allows you to pay less than your full tax bill. But the first step in understanding the IRS debt is to understand the size of the debt. What if you owe a large amount of debt? For the taxpayers who owe more than $50000 or have been declared bankruptcy, then the taxpayers must contact the IRS to speak with the insolvency unit directly.

  2. Benefits of the Tax Debt Forgiveness Program Here are some of the positive effects of the program mentioned below: Pay Less than You Owe One of the huge benefits of the program is that you could end up paying less than you actually owe. If you agree to the IRS settlement terms, you will have to pay back the taxes, but the amount you will pay could be a much smaller amount. Now, this could help you take some pressure off that heavy tax burden and will enable to pay off your debt quickly. Get your Liens Removed Now, with the program you get an advantage of getting away with your liens from your county records. This is an essential benefit because the government can exercise the right to possess your property until and unless you pay off the debt you owe. Government cannot garnish your Wages Suppose you continue to ignore your tax debts, then the government can garnish your wages. But in that case if you qualify for the IRS Tax Debt Forgiveness Program, the government would no longer be able to garnish your wages. The financial burden of tax debt is not a joke and the only way to become debt free is to stop ignoring your debts. Because the sooner you do your due diligence, the sooner you can live your life debt free, like the way it should be.

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