Are you one of many Americans wondering, “What is tax relief?” When it comes to being in debt, back taxes are one debt issue that must be resolved. There are no “loop holes” or other tricks that will get you out of your obligations to Uncle Sam. Failing to comply with demands made by the IRS can result in serious consequences. Garnishment of wages, along with possible levying of personal property, is just a portion of what the IRS can do. Tax relief is the vehicle needed to pull you out of IRS tax debt. To loosen the grip of IRS liabilities, there are a few facts you should know about tax relief.
Tax relief is an instrument attainable by taxpayers in debt. The government offers several tax relief programs designed to help taxpayers out of IRS debt. There are a multitude of different programs available that will put an end to your “What is tax relief?” questions. Each tax relief program holds different requirements. Likely candidates for tax relief programs vary with personal circumstances.
One program that many taxpayers seem to qualify for is an OIC. The Offer in Compromise Program is a highly effective method of tax relief. This program allows you to settle your IRS debts for a small percentage of what is actually owed. In the event of qualifying for this program, you could even find yourself feeling like a kid at Christmas as you make your payment. With the Offer in Compromise Program, you must prove two things. You must prove that your yearly income barely meets your allowable lifestyle expenses. You must also prove that your assets are of little to no worth.
Now that you know a little more and realize that there are plenty of programs to choose from in regards to tax relief, rather than wondering “What is tax relief?”, you can begin focusing on which program is right for your particular situation.