by Louis Meeks on January 3, 2015 in Blog
Tax Relief Programs
Victory Tax Solutions, LLC
“America’s Trusted Tax Team”
Searching for the right tax relief program can be tricky, with the many avenues and guidelines that the IRS uses in establishing who qualifies for which tax relief programs. When exploring your options, it is important to understand that the IRS provides standard deductions which determine what the IRS will allow as an expense for the household, against any income. Many tax relief programs are based upon the tax payers ability to pay. So, how does the IRS determine whether they believe you have “the ability to pay”?
The answer lies in what the IRS refers to as “standard deductions”. These “standard deductions” are used to determine how much “disposable income” you have to pay them back for back taxes.
As an example, the IRS might give you a “standard deduction” expense for your mortgage of $1,000 for your specific city and state. Let’s assume you actually have a mortgage of $1,500. When looking at this example, the question arises as to whether the IRS allows you to deduct the $500 of actual expenses from the mortgage when determining how much you can afford to pay them back. The bad news is the IRS does not care, and does not give your credit for your real mortgage cost. In our example, your mortgage expense that exceeds the “standard deduction” ($500) is not allowed. The IRS treats that extra $500 mortgage expense as if it does not exist. This is the harsh reality that the IRS places on all of us taxpayers with back tax problems in search of a tax relief program.
As you can extrapolate from that example, the IRS is acting in their best interest, and not yours. As stated earlier, most tax relief programs are determined by the IRS rules on your ability to pay.
However, if you find a trustworthy tax resolution firm that understands the IRS tax code as well or better than most IRS agents, you will be in a much better position to get results that favor you.
At Victory Tax Solutions, we have many experts in this field are available on a daily basis here at Victory Tax Solutions. Our team, consisting of CPAs and tax attorneys are exactly that, experts. Let the professionals handle your tax issue. They know how to use the IRS codes against the IRS directly and can often resolve your tax issue in much more favorable terms than you can do yourself.
Some tax reliefs programs that are available for taxpayers are as follows:
- Several types of installment agreements
- Offer in Compromise
- Currently Not Collectible status
- Installment Agreements
The Tax Relief Programs above are just a few of the programs you may consider. However….A friendly warning to all taxpayers reading this blog, DO YOUR RESEARCH!!!
Unfortunately, our industry is littered with tax resolution companies whose employees say all the right things on the phone to reel you in and get your money. However, they do not deliver great results. At Victory Tax Solutions, we have the most ethical team in the industry. We have an “A” rating with the Better Business Bureau. And, most importantly for you, we have the most client friendly full money back guarantee in the industry!
The Victory Tax Solutions team is led by Senior Tax Attorneys, CPA’s and paralegals. We have a great combination of law school education, knowledge of the tax laws, experience working with the IRS and always working to get the best possible outcome for our clients.
If you are interested in learning more about all the different Tax Relief Programs you may be eligible for, please call Victory Tax Solutions today for a free consultation with one of our Senior Account Executives. We would love to help you. Our toll free number is 877-772-0123.
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