Tuesday, September 27, 2016

Offer in Compromise - The Best IRS Help - Flat Fee Tax Service

Reduce Your IRS Debt with an Offer In Compromise

You may be able to reduce your IRS income debt with an Offer in Compromise. If your are qualified for an IRS offer in compromise settlement, you can save thousands and thousands of dollars in past due income taxes, plus penalties and interest. 

Wouldn't it be a nice thing if you were able to get rid of your IRS income tax debt? Not everyone is eligible and qualified to settle with the IRS for less.



WHAT IS AN OFFER in COMPROMISE?

An offer in compromise is an agreement between a taxpayer who has an income tax debt and the IRS to settle the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, a settlement offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.

Beware of advertisers that claim tax debts can be settled through the offer-in-compromise program for "pennies on the dollar". You must be qualified and eligible. Find out if you are.

The IRS has a complex financial formula regarding Offer in Compromise settlements. Some of the criteria is your monthly gross income. Do you have assets? Assets would be equity in a home or real estate. Do you have a 401K or IRA? If you do, how much is in them? Do you have a whole life insurance policy? If you do, what is the cash value? 

Your liabilities would be your rent or mortgage payment. Car payments (up to a certain amount). Car allowance(s) for your car(s). Food and clothing allowance for you an dependents. This is a fixed amount. Health insurance is an allowable expense. Child support and alimony are allowable expenses. Student loans are an allowable expense. There are more "allowable expenses".
 
As you can imagine, the Offer in Compromise program is very complex and very time consuming. We tell our clients that it isn't exciting like a basketball game. It is a lot like "watching paint dry." But, at the end of the process, you won't have an income tax debt and you will have received your "Fresh Start."

You won't know if you are indeed eligible and qualified to settle with the IRS unless you call us for your free consultation.

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FLAT FEE TAX SERVICE, INC.

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