Is the a tax debt relief program legitimate?
Is the a tax debt relief program legitimate?
Signs of a tax-debt-relief scam While there may be legitimate tax-debt-relief companies, there are also plenty of scammers. The Federal Trade Commission says that a company demanding payment before doing anything for you is a sign of a scam.
Does the IRS really forgive tax debt?
It is rare for the IRS to ever fully forgive tax debt, but acceptance into a forgiveness plan helps you avoid the expensive, credit-wrecking penalties that go along with owing tax debt. Your debt may be fully forgiven if you can prove hardship that qualifies you for Currently Non Collectible status.
Does tax debt relief hurt your credit?
How Do Unpaid Taxes Affect My Credit? If you’re worried about the tax bill you owe the federal government hurting your credit scores, don’t be. Tax liens are no longer included on your credit reports. This means they will not have an influence upon your ® Score or VantageScore®.
What is the zero tax debt relief program?
Apply With the New Form 656 An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
Can you buy a house with IRS debt?
You may be able to get an FHA loan even if you owe tax debt. But you may need to go through a manual underwriting process to make this happen. During this process, the lender looks for proof that you have a valid agreement to repay the IRS.
Are there any tax debt relief companies that are legit?
Scammers know that being in debt to the IRS can make people desperate and that they can capitalize on your fear. While there may be legitimate tax-debt-relief companies, there are also plenty of scammers. The Federal Trade Commission says that a company demanding payment before doing anything for you is a sign of a scam.
How common is Small Wonder tax debt relief?
Small wonder tax debt relief is a key component of modern life in America. While many taxpayers receive refunds at tax time, coming up short is not unusual. In recent years, roughly 20% of taxpayers — one in five — file a return with a balance due of about $3,000. (Word to the wise: File your taxes!
How can I get tax debt relief?
Usually, this relief comes in the form of a payment plan or debt settlement with the IRS. If you think you need tax debt relief, act quickly to resolve your issues. The IRS charges a failure-to-pay penalty of 0.5% of your unpaid taxes per month or part of a month, plus interest.
Should you work with a tax relief company?
If you need tax relief, you can work directly with the IRS yourself (more about that at the bottom of this review). But if you want professional help, you can work with a tax relief company such as Optima Tax Relief. Optima Tax Relief is one of the biggest names in the tax relief industry.
