There are several tax relief programs now available to residents of Arizona who might be suffering financial stress due to their past tax liabilities. If you have been recently victimized by a severe tax situation (i.e.,have your home foreclosed,have your car repossessed,been ordered to repay taxes,etc.)),there are several tax relief opportunities available to you. One such program is called an Offer in Compromise and it allows you to settle your debts with the IRS for less than what you owe.Tax Assistance in Miami
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When you qualify for an Offer in Compromise,the IRS will agree to accept a lesser total amount to settle your tax debts than what you actually owe. In Arizona,you are considered to be under financial hardship if you meet the income guidelines established by the IRS. In order to qualify for an Offer in Compromise,you must have a realistic expectation of paying back your debt on or before a specific time period. You must also provide the IRS with a written statement that describes your income,your expenses,your financial problems,and any other information that will allow the agency to determine whether you are eligible for an Offer in Compromise. Offer in Compromise will not reduce your tax debts to more than half of the amount you actually owe,but it can save you from a potentially embarrassing and financially detrimental tax hearing with the IRS.
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Learn More About Reducing Your Tax
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If you cannot meet the income guidelines or you believe you may not be eligible for an Offer in Compromise,you may want to consider hiring a tax lawyer or a Phoenix tax firm to represent you before the IRS. You may also want to contact a local business council or economic development group in your area to discuss ways you can increase your tax liability to reduce your liability to the IRS.
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