If you’ve fallen behind on your taxes recently, there’s hope with the IRS Fresh Start program. Designed for taxpayers who owe less than $50,000, the Fresh Start tax relief program can get you out of debt. First, the IRS Fresh Start program provides three different payment options to pay back taxes. Second, the IRS Fresh Start initiative allows you to pay back your text debt in a more affordable way.
Lastly, the Fresh Start initiative makes it easier for you to pay back taxes by giving you a “fresh start.” So, what does the IRS Fresh Start program entail, and how do you qualify? Well, keep reading and we’ll tell you all you need to know about applying for the IRS Fresh Start program. Then, when you’re ready for a fresh start, give us a call at FinishLine Tax Solutions. We’re ready to help with the tax relief services you need.
What Is The IRS Fresh Start Program?
The IRS Fresh Start program began in 2008. It serves as a way for taxpayers to affordably pay off substantial tax debts over six years. Therefore, taxpayers only have to pay what they can afford each month. The IRS bases their monthly payment on their current income and value of their liquid assets. In other words, if their income increases, their monthly payments may increase too. After that, by the end of six years, the taxpayer’s tax debt should be paid off in full.
How Does The IRS Fresh Start Program Help?
The IRS Fresh Start program is a very useful tax resolution service. For instance, if you’re struggling to pay back taxes, the program can help you comfortably pay off your debt. In essence, the IRS Fresh Start program makes the process of paying back tax debt easy. Additionally, the IRS Fresh Start initiative can prevent you from owing more in back taxes. For example, the IRS Fresh Start program can avoid you from accumulating interest and penalties on your existing tax debt. Plus, the Fresh Start program can keep you in the clear from the following IRS collection activities:
- Tax liens
- Seizure of assets
- Wage garnishments, and more
How Does The IRS Fresh Start Program Work?
The IRS Fresh Start initiative gives taxpayers three ways in which they can pay back taxes.
- First, taxpayers can pay back taxes via an Installment Agreement. It gives taxpayers owing less than $50,000 the chance to pay back taxes in affordable installments.
- Next, taxpayers can pay back taxes through an Offer in Compromise. In other words, taxpayers strike a deal with the IRS to settle their tax debt for less than they owe. In some cases, taxpayers are able to settle their tax debt for much less than they owe. Working with a tax resolution services firm is the best way to get the best deal.
- Lastly, taxpayers can pay back taxes through a tax lien withdrawal. In other words, taxpayers agree to pay their entire tax debt off through a direct debit repayment option. Then, the IRS withdrawals the tax lien they placed on their account.
In conclusion, there are various ways to pay off tax debt through the IRS tax relief initiative.
Who Qualifies for the IRS Fresh Start Program?
There are a number of criteria the IRS uses to determine who will qualify for the IRS Fresh Start initiative. For instance, eligibility is generally determined by these factors:
- Self-employed individuals who experienced a drop in net income of 25 percent or more.
- Married couples filing jointly who owe under $200,000 per year.
- Single filers who make under $100,000 a year.
- The total amount in taxes the taxpayer owes is less than $50,000
In conclusion, there are a variety of factors the IRS uses to determine who qualifies for Fresh Start tax relief. Therefore, it’s helpful to work with a tax relief services company when applying for the Fresh Start program. For instance, you may not know how much you owe the IRS. As a result, you may not think you qualify for the Fresh Start program. However, a tax relief services professional can determine if you do.
"I contacted Finish Line Tax to help me with my back taxes. I didn't know how much I owe but they did an investigation and found out how much I owed the IRS. Then they got me into IRS fresh start program, I couldn't be happier with the results they got for me and my family. I'm glad I've found and hired them. Thank you Finish line"
What Happens If I Don’t Pay During a Fresh Start Program?
If you do not keep the terms of your agreement with the IRS, they can reopen your debt case. In other words, you could still be held responsible for the full amount of tax debt you owe. Therefore, you want to make sure the deal you agree to is feasible for you. If something changes with your income or financial situation, consult your tax professional immediately. In other words, if you can’t afford to pay your tax payments, you could get into even bigger tax debt. Therefore, always make sure you keep the line of communication open and clear with your tax relief representation.
Do I Have To Still File Taxes in a Fresh Start Program?
If you have entered into a Fresh Start initiative with the IRS, you still have to file taxes. In other words, just because you’re in a payment plan doesn’t mean you aren’t liable for current taxes. Continuing to work closely with your tax professional will help you stay on top of your taxes. As a result, you are less likely to have future tax trouble with the IRS. Similarly, you will be doing what you can to stay out of tax debt for good. It’s very important to remember to stay up on your taxes, even when you’re in an IRS repayment plan. Every American is responsible for filing taxes each year. If you fail to file taxes, the IRS will know about it.
How Do I Get My IRS Debt Forgiven?
Do you owe the IRS more than you can pay? If so, you may qualify for the IRS Fresh Start program. However, before you determine your course of action, talk to a tax resolution services professional. An experienced tax resolution professional can help you better understand what type of tax situation you’re in. Also, a tax resolution professional can help you navigate applying for the appropriate tax relief program. In other words, as taxpayers, we don’t always know all that the IRS has to offer us. While the IRS does seem like the big scary government, they can actually be helpful. However, they’re only helpful if you know how to work with them. For that reason, working with a tax relief professional can be very beneficial. A tax relief professional can negotiate directly with the IRS on your behalf, so you don’t have to.
How Do I Get Started With Tax Debt Relief?
The first thing you want to do when seeking tax debt relief is to gather all your information. Next, call a tax resolution professional. A tax resolution professional will be the most important person helping you in your fight against the IRS. Tax relief experts know everything there is to know about applying for tax relief. If you want to apply for the IRS Fresh Start program, a tax resolution professional can help you. In other words, a tax relief expert can help you determine if you qualify for the Fresh Start program. Also, a tax resolution expert can determine which repayment plan will be best for you. Once you have everything signed, sealed and delivered to the IRS, plan ahead. In other words, work with your tax professional to make sure your future taxes will be good. Once you get back in good standing with the IRS, stay there.
How Can FinishLine Tax Solutions Help Me?
The professionals at FinishLine Tax Solutions have years of experience helping taxpayers get out of tax debt. Therefore, when it comes to negotiating with the IRS, they know how to do it. Navigating tax law and rules can be tricky. But when you’re working with FinishLine Tax Solutions, you don’t have to worry. The professionals at FinishLine Tax Solutions have years of experience negotiating with the IRS. Also, we know all of the ins and outs of tax law and tax rules. In other words, we’ll know the best way to get you out of tax debt. Likewise, our team of professionals can help you stay out of debt once you get out of debt.
In conclusion, we’re here to help you every step of the way with tax relief services. In other words, you’re not alone when you’re working with FinishLine Tax Solutions. We’ll take you all the way to the finish line.
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