How to Eliminate IRS Back Taxes in Albuquerque, NM
Metro Area: Albuquerque NM MSA
Piling up of IRS back taxes can result in wage garnishments, tax liens, tax levies and seizure of your property. If you live in Albuquerque, you can get rid of this mess by calling 877-788-2937 to resolve your tax problems and get tax relief today.
There are many different settlement programs available to resolve your tax matters; each one of them is suitable for a different situation faced by the taxpayer. If you are not certain what program is best for you, do not worry, you can contact Mike Habib, EA who is an experienced tax professional, he provides a free initial consultation. The consultation may take ten to thirty minutes depending on the nature of your problem. Once it’s done you will have a crystal clear idea, what to do.
Those who cannot pay their back taxes in full may opt for an installment agreement as available by the IRS. This may sound an easy approach but you may have to pay more because of the penalties and interest.
If you cannot pay your taxes in full and an installment agreement is also not a viable option, you can take advantage of the Offer to Compromise (OIC) program. If your OIC is accepted, you will have to pay a reduced amount of your total tax debt. But you need to qualify for the OIC based on the following reasons.
- Doubt as to Liability - Doubt exists whether the assessed tax is correct
- Doubt as to Collectability - Doubt exists that the taxpayer could ever pay the full amount of tax owed.
- Effective Tax Administration – None of the above two doubts exists but there is enough proof that collection of debt can create immense financial problems for the taxpayer.
Form 656 is available on the IRS website, which can be submitted for an OIC request. It might sound an easy job and you may think to do it yourself, but more than 75% of OIC requests are refused by IRS. OIC is a very complex process which involves immense paperwork and negotiations. Only one mistake while filling the Form 656 can allow IRS to declare your offer un-processable. It’s always good to get aid from tax professionals because they know what works and what doesn’t.
You might think that you will have to pay an extra fee for the tax professional but it will surely give you its worth. The tax professional will not only represent you before IRS but also carry out all the necessary paperwork and negotiations while you can rest assured you will get results as the chances of getting results via tax professional are five times greater than doing it personally.
An Enrolled Agent (EA) is obviously your best option when dealing with IRS taxes because unlike tax attorneys and CPAs, who may or may not choose to specialize in taxes, all EAs specialize in taxation. Make sure the EA you are hiring is well experienced in tax relief and has a good rating by Better Business Bureau.
Tax problem resolution services, IRS tax help and tax relief services in Albuquerque, Belen, Moriarty, Rio Rancho, Bernalillo County, Sandoval County, Torrance County, Valencia County and other cities in the state of New Mexico.