A Glimpse into A Taxpayer’s Diary: The Route to Settle IRS tax debt
Do you know that familiar feel of desperation and frustration that bubbles up when discussing back taxes and tax debts? If yes, let me assure you, you’re not alone. Navigating the turbulent waters of the Internal Revenue Service (IRS) can be daunting, but it’s a journey many Americans have to embark on every year as they wrestle with their tax liabilities. It’s a path I trod down, and today I’m here to share my experience and knowledge gained from settling my IRS tax debt.
Discovering My Tax Debts
Like many people, I was oblivious to the accumulation of my tax debt until I received that dreaded notice from the IRS. Those pieces of paper held the power to turn your world upside down in an instant. Suddenly, you’re confronted with owed taxes, interest accumulations, and late penalties that seem gargantuan and insurmountable. But as they say, recognizing a problem is the first step toward solving it.
Seeking Professional Assistance
Deciphering the byzantine language of the IRS was a struggle. Thus began my quest for professional assistance and I found Brightside Tax Relief – a nationwide tax relief company. Staffed with experienced tax attorneys and consultants, they enabled me to scale this daunting task and settle my IRS tax debt. They assessed my financial situation and devised a personalized strategy to address my tax debts.
The Power of Professional Guidance
Brightside Tax Relief made it their mission to demystify the IRS for me. They took my hand and guided me through the myriad of settlement options available, each with their own set of qualifications, advantages, and disadvantages. Here are few key ones they considered:
- Installment Agreement: A payment plan where the IRS allows you to pay off your debt over time.
- Offer in Compromise: A program that enables you negotiate a reduced debt amount.
- Not Currently Collectible: If you prove that paying your tax debt would cause financial hardship, the IRS temporarily halts attempts to collect your tax debt.
- Innocent Spouse Relief: Provides you relief from additional tax you owe if your spouse or former spouse failed to report income, reported income improperly or claimed improper deductions or credits.
Finding The Right Solution
After careful consideration, my expert team from Brightside Tax Relief proposed the Offer in Compromise (OIC), which they found to be most suited for my unique situation. This strategy allowed me to settle my tax debt for less than the full amount that I owed. I discovered that this solution, while highly beneficial, requires you to meet strict IRS guidelines. The team filed my application, meticulously filling the IRS Form 656 and Form 433-A(OIC).
The Waiting Game
Submitting my OIC application was followed by a nervy waiting period. It can take the IRS anywhere from six months to two years to come to a decision. Patience was crucial during this phase, and the Brightside team provided me with constant updates and guidance.
Navigating the Final Hurdles
The IRS, in its final decision on my OIC, considered my ability to pay, income, expenses, and asset equity. Thankfully, after a year-long wait, my OIC application was accepted. However, getting approval was only part of the battle. Fulfilling the terms and conditions of the approved offer required diligence and regular follow-ups. Failure to adhere to these conditions could result in the IRS voiding the deal.
Lessons Learned and the Journey Ahead
Reflecting back on my journey to settle my IRS tax debt, I realize the importance of maintaining tax discipline. One of the most crucial aspects in settling IRS tax debt is proactive action; ignoring the problem or delaying it only adds to the hardship. The guidance and expertise provided by Brightside Tax Relief played a significant role in overcoming my tax hurdles. My experience taught me the value of seeking professional expertise when faced with complex tax issues, as well as, the importance of exploring various tax relief options. These lessons continue to guide me in my ongoing journey through the labyrinth of taxes.
Embarking on Your Journey
Your story may not mirror mine exactly, but if you’re battling IRS tax debts, seeking professional help from tax relief experts is a sound decision. Brightside Tax Relief can be that guiding light for your journey to settle your IRS tax debt. Remember, paying off tax debt is more a marathon than a sprint, and with the right help, you can reach the finish line, just like I did.