Is it too late to get tax relief?
Tax season has come and passed but, for many, the burden of owing taxes is still a concern. While most Americans receive tax refunds, there are millions of Americans who end up owing money to the IRS. And unfortunately, many of those who owe tax dollars struggle to pay them.
The good news is that there are tax relief companies that can help ease your tax burden and get you back in good standing with the IRS. These companies may be able to get the IRS to reverse fees and penalties, negotiate settlements on your behalf, set up affordable payment plans and more.
But, with the deadline to file your 2023 taxes having passed, you may be wondering whether or not tax relief still makes sense. Is it too late to get help with your past-due taxes? It may not be.
Find out how much a tax relief service can help now.
Is it too late to get tax relief?
With the April 15, 2024 tax deadline more than a month in the past, you may be wondering if it's still possible to get help with your tax debt. The IRS will continue to attempt to collect any money you owe, even past the tax deadline. However, tax relief services may be able to achieve settlements, fee abatements and more - even when your tax debt is past due. So, you shouldn't hesitate to reach out for relief.
You don't have to deal with the IRS on your own. Get tax debt help now.
Why you should get tax relief now
If you owe money to the IRS, you don't have to deal with your debt on your own. Tax relief companies typically understand the complexities of the United States tax code and may be able to help ease your tax burden. Here's why you should reach out to a tax relief expert now:
Your tax debt won't go away on its own
Tax debt doesn't go away on its own - at least, not without a significant collection effort on the IRS's part. There's a 10-year statute of limitations on tax debt. Though the IRS may write debt off after 10 years, the agency will make attempts to collect your debt throughout that period.
And, the IRS's attempts to collect debt are unlike the attempts of any other debt collector. The IRS doesn't need to take you to court in order to garnish your wages or bank account. It can even put liens on your property and seize assets. So, it's important to address your tax debt before potentially facing any of these consequences.
The IRS collection process could make your financial hardship worse
If you haven't paid your tax debt as a result of a financial hardship, avoiding the IRS could make your hardship worse.
"There are a number of ways the IRS may utilize in order to collect past-due debt or overdue taxes," explains Paul T. Joseph, attorney, CPA and founder of the tax and accounting firm, Joseph & Joseph Tax & Payroll. "They can levy against your accounts and seize the funds in them. The lien on your bank account or paycheck will last until they collect the total amount in full." But, your money isn't the only thing the IRS may take as it attempts to recover past-due taxes. "They have the power to seize your personal assets, such as your vehicle or anything else you may own in order to satisfy the debt."
"The IRS can also send a levy to your customers, tenants, or anyone who owes you money, directing those customers, tenants, or debtors to pay the IRS instead of you," adds Ashley Tison, founder and president of OZPros, a tax and investing firm. "These actions can seriously impact your financial stability and your reputation, leading to compounding debts and financial hardship."
On the other hand, a tax relief service may be able to stop these issues before they start. In fact, if you're experiencing financial hardship, a tax relief service may be able to settle your debt or have the IRS classify your debt as currently not collectible - which could stop the IRS from attempting to collect your debt.
Fees and penalties will only add up until you address your debt
Past-due tax debts don't stay the same forever. That's because when you owe money to the IRS, the agency charges interest and fees that could push your balance owed up. So, the longer you avoid your tax debt, the more it may grow.
The bottom line
It's never too late to consider tax relief if you owe money to the IRS. In fact, you should reach out to an expert now. After all, your tax debt won't go away until you address it and the IRS collection process could make your financial hardship worse. Plus, your balance with the IRS could grow as interest and penalties add to what you owe. Get in touch with a tax relief expert now to start putting your tax debt behind you.
