Important Info on IRS Fresh Start Program
Most of the governments to the as many sources of revenue, but taxes are the main source and that is very important to understand as an individual or business. Understanding such important fact is very critical especially comes to paying your taxes on time and also the right amount whether as a business or as an individual. If you are among the many Americans that owe the IRS money, it is very important to find a solution or a way out to avoid damaging your name. It will also give you peace of mind because owning there are is money feels like you are chopped in a hole. The IRS fresh start program is one of the solutions need to be thinking more about. Here is all you need to know about IRS fresh start program.
It is a program that was introduced in 2008 but was later explained in 2012 budget is a great program that is meant to ease the financial burden of many taxpayers especially because of the economic crash. However, you need to understand that the program is not here to eliminate the debt to the IRS altogether, but instead, it provides you with better options of settling your debt in the six-year period. Basically, it means that every month has to make a payment based on the value of your liquid assets, but also on your income. There are many consequences that come with owing money to the IRS and this program is very helpful in avoiding those consequences. For example, if you utilize this program, you will be able to avoid the high amounts of interest, expensive penalties, and tax liens. It will also help you to avoid wage garnishments and the seizure of assets to pay back the debt.
If you decide to apply for this program, you also need to understand that the different payment options available for you. One of them is the installment agreement which has are different subcategories such as in business, streamlined, guaranteed and also routine agreements. Also discover more about the offer in compromise especially if you owe a large amount of money. It is also important that you can read more about qualifications for you to start this program as you also learn more about the application program. If you don’t have a team to help you out is very important that you can find tax professionals as you also discover more here on the application process.