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The good news is the IRS offers a variety of tax debt relief options to help you out. If you don’t believe you’re a good candidate for tax debt relief, there are alternatives at your disposal.
Potential debt reduction: Debt settlement may reduce the total amount you owe, providing relief from debt burdens. However, the fees of settlement and late fees can sometimes inflate your debt ...
Debt settlement: This is when you negotiate to settle the debt for a lump sum to guarantee payment. However, this process may hurt your credit score, and there’s no guarantee that a creditor ...
Paying the full amount of tax debt as soon as possible is always the least expensive option for the taxpayer because of penalties and interest accumulation. In 2016, the Internal Revenue Service (IRS) began a new private collection program of certain overdue federal tax debts. The new program authorized designated contractors to collect, on the ...
A portion of each payment is taken as fees for the debt settlement company, and the rest is put into the trust account. The consumer is told not to pay anything to the creditors. The debt settlement company's fees are usually specified in the enrollment contract, and may range from 10% to 75% of the total amount of debt to be settled. [13]
For the tax year 2013, some taxpayers experienced the first year-to-year income-tax rate increase since 1993, although the rate increase came about not as a result of the 2012 Act, but as a result of the expiration of the Bush tax cuts. The new rates for income, capital gains, estates, and the alternative minimum tax would be made permanent. [3 ...
“The IRS interest rate changes quarterly, but it’s hovered around 8% in recent years,” said Brad Paladini, tax attorney and owner of Paladini Law, a tax law firm.
Debt relief, on an individual level, refers mainly to the negotiation for a reduction of a debt by either the consumer or a debt settlement agency. Through this arrangement, consumers agree to pay the creditor a fixed amount of money (generally a discount on their outstanding debt) either in a lump sum or under a payment plan.
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