A recent report from the IRS shows that ultra-rich people don’t pay their exact share of taxes. Therefore, the shoulders of the middle class and upper class bear most of the tax burden. On average, a household earning $70,000 a year will have to pay around 14% in federal taxes. So, if you belong to this class, you get a large tax bill that you cannot pay off right away. Fortunately, the IRS offers several legal ways to help people to manage their tax bills without getting in trouble. The IRS fresh start program application is one of those tax relief programs that solve your big problem. It is specially designed for people who owe back their taxes but still struggling to get a way to pay.
What is the IRS Fresh Start Program?
Getting a tax bill with a huge amount from the IRS that you are unable to pay off in one single payment is a very common tax problem. To help people out, IRS offers several ways that provide you with tax relief, and you can get a fresh start on your taxes, and the IRS fresh start program application is one of them. It is a program with several tax relief options to help you reduce, pay down, and pay off your tax liabilities. However, each option has benefits, rules, regulations, and qualifications. The IRS fresh start program includes five major elements. It will make it easier for taxpayers to settle their tax debts.
- Currently Non-Collectable (OIC)
- Tax Penalty Relief
- Expanded access to installment agreements
- Offer In Compromise Program
- Innocent Spouse Relief
One important thing to keep in mind is that only some taxpayers are eligible to get these options. Therefore, the Internal Revenue Service (IRS) individually deals with each taxpayer to help them determine which relief option fits their situation. In this way, the IRS and taxpayers can benefit from this fresh start program.
Qualifications for IRS Fresh Start Program!
The IRS Fresh Start Program has some most powerful tax relief options. It sounds great, but you must also understand how to qualify for any tax relief option. However, your specific financial situation will select the tax relief option for you. Here are some essential qualifications for the IRS fresh start program application.
- A self-employed person that had a drop in income of almost 25%
- A single person that earns less than $100,000
- Married one whose total income is less than $200,000
- A person with a tax debt balance of less than $50,000
How to Apply for the IRS Fresh Start Program?
To apply for the IRS Fresh start Program, you must follow their guidelines for all tax returns, past and current. In addition, you can’t request any tax relief option if you have any pending tax returns. It is also essential to consider that you are prompt in filling all future returns. After that, you can send an IRS fresh start program application. Now discuss your financial situation with a professional tax debt relief company. It will help you determine which type of tax relief option you need to look out for. It is time to contact the IRS and fill out many tax documents.
Is the IRS Fresh Start Program Legitimate?
Undoubtedly, the IRS Fresh Start Program is 100% legitimate. However, the people who use this phrase are only sometimes accurate. Therefore, most people have some doubts about the IRS fresh start program. For all those people, the good news is that you can send an IRS fresh start program application without worrying about any legality issues.
The IRS Fresh start initiative is one of the best legal ways to pay off your tax debt in an affordable manner. However, it is also a fact that the IRS fresh start program application process is very complicated and contains several difficult things to understand. Therefore, it is always best to take professional tax assistance to choose the right tax relief program. They understand everything that the IRS offers to help people with huge tax bills.