A lot of things can be said about taxes, but everyone agrees on one thing – they are incredibly stressful. Now, this only amplifies if you happen to have a debt. Once people find themselves in such a scenario, it’s hard to think about your next steps. What should you do? Who should you ask for help? Is the IRS going to empty your bank account? Ultimately, all of these questions are rooted in one thing. People are incredibly afraid of the IRS, and there are some good reasons for that. Now, this doesn’t mean that all of the reasons are correct.When we into debt,we are often scared to go and reach out to the authorities but you shouldn’t Be Afraid to Talk to IRS if You Have Debt.
In fact, there are some ways in which you can overcome your debt that you probably aren’t aware of. All of this is why, in this article, we’re going to discuss why you shouldn’t be afraid to talk to the IRS. The main topic of discussion will be the IRS fresh start program. Let’s dig right in.
When should you seek help?
Now, before we talk about the IRS fresh start program, let’s establish some basics first. In general, people start having problems with the IRS only after they reach a certain point. Of course, we are talking about more significant debts.
If you happen to have a debt that is somewhere around $25,000, the probability is high that you are quite stressed and don’t know what you should do next. In situations like this, opting to hire an experienced attorney is the best way for you to get the best outcome of the situation. Your attorney understands how the IRS works and will be able to pace your steps accordingly. There is no better way for you to prepare all the documentation for the process than with the help of a tax attorney. This is where we start talking about the above-mentioned program, as it is the key to the process of getting out of debt.
What is the IRS fresh start program exactly?
This program is, technically, not a program. It’s better to describe it as a process composed of ways in which you can alleviate tax bills more easily. It is based on the series of changes that have been made in the tax code. In the past decade, the IRS has made this process way easier.
It’s designed to help all those that struggle to pay their debts, and it can help a lot to all of those that have a lien placed on a vehicle or a home. Many people are not aware that this program has been there for many years. The thing is, actually gaining from the program has become much more realistic in the past years.
The whole idea behind the program is that the IRS also benefits from helping you out. If they help you, you get to help them receive all the taxes owed. How the Fresh Start Program operates is based on, firstly, setting up realistic payment schemes. Secondly, withholding penalties, and finally – avoiding and even withdrawing liens.
In the end, if you are being vigilant and you’re not letting your debt and IRS mail pile up – you have nothing to be afraid of. There are ways for you to sort everything out, but it does take some research and planning. After reading this article, you are equipped with basic knowledge about the IRS fresh start program. Now, all that’s left is to continue your research, find the answers to the right questions, and take action.