When you don’t pay your tax amount to the IRS in time, you owe money to the IRS. This is a difficult situation for any people. Some genuine people have issues that hamper their tax payments. In this post, we will talk about the fresh start program offered by the IRS and what changes it can make in our life.
If you are dealing with the same issues, you can look for a professional tax expert (including a tax settlement attorney). These people have years of experience negotiating with the IRS, so they are the best people to look for in difficult situations.
Before discussing the fresh start program, you must know that when you don’t pay your taxes in time, the IRS can impose interest on your debt amount. You can also be charged with penalties if they think it is right.
Elements of a Fresh Start Program
The fresh start program is a noble concept by the IRS that can release the tax burden from a person. If IRS provides you with a fresh start, your previous debts and interests are gone. You have a clean slate to start with.
Every year, many people don’t pay their taxes for various reasons. Giving them all a fresh start is not possible. Also, some people don’t pay their taxes even if they have money. They need to be penalised by the IRS.
For that reason, IRS has some criteria for applying for a fresh start. Once you have submitted your form, the IRS will decide whom to choose for a fresh start program. Here are some of the advantages of a fresh start program.
1. Simplified Approach
Your previous debts and interests are gone when selected for a fresh start program. You are now free. Once you are out of your grave situation, follow a more simplified approach to life.
IRS collects a person’s financial documents before providing him with tax relief. If you pass their criteria, you will only get a fresh start. If you don’t know how to apply for a fresh start program, you can look for a tax law expert (like an Oakland tax attorney).
2. Instalment Options
Instead of laying off your full tax, the IRS can offer you instalment options. If you owe too much to the IRS, instalment options are best for you. If you pay some of your monthly payments in time, the IRS can offer you an offer in compromise.
3. Great For Small Businesses
The fresh start program offered by the IRS has proved great for small businesses. You can manage your business differently if you have a small business and recently got a fresh start. You got a chance to make up for your old mistakes. Always consult an experienced person for help dealing with the IRS people.
4. Start With A Fresh Approach
Increasing the dollar threshold has helped most taxpayers. The fresh start program has also made their life easy and gotten them the start they wanted. If you suffer a tax burden, you should consult your tax professional and look for a fresh start program.
We have discussed all the basics of a tax relief program, like a fresh start program. We hope this post will help you immensely. Look for a professional tax expert to learn more about them and other relief programs.
