We define tax relief as a reduction in the amount of taxes you owe, in installment agreement, discharge of taxes in bankruptcy, payment of taxes and possible reduction in bankruptcy. In other words, federal tax relief makes the burden of owing a tax debt less harsh. The IRS can take your wages through a levy. The IRS can seize home and sell it. Therefore, any relief from the harsh realities of a tax debt being collected through enforced collection is a benefit to the taxpayer and constitutes federal tax relief.

In installment agreement is an agreement to pay taxes that are owed over a period of time with the Internal Revenue Service. The complexity of an installment agreement depends upon the amount of tax penalty and interest that you owe. Total debt in acts sets of $25,000 is going to require financial disclosure. Debts above $50,000 are considered to be more serious in the amount of disclosure is greater. The good news is that small tax debts can often be entered into an installment agreement fairly easily.

There is a fee for entering into a installment agreement with the Internal Revenue Service. A taxpayer can make payments by direct debit from his bank account or by paying monthly by check.

In installment agreement is based upon the theory that a taxpayer can pay the tax burden within the statute of limitations for collection. The statute of limitations for collection is 10 years.

An offer in compromise is a reduction in federal tax owed. It is appropriate when a taxpayer cannot pay the taxes that are owed within the statute of limitations for collection. If the statute of limitations expires the IRS is unable to collect the tax. Accordingly an effort to pay more than the IRS could collect is in both the governments best interest in the taxpayers best interest.

Tax relief in Dallas TX: occurs when an offer in compromise is accepted by the Internal Revenue Service. The offer in compromise is a contractual agreement between the taxpayer and the Internal Revenue Service. It requires substantial financial disclosure of both property and an income and expenses. The offer is analyzed by a technician and if the offer is reasonable it may be accepted. Nationwides it is been published that over 90% of the offers in compromise are rejected.

Professionals and tax relief firms often try to submit offers in compromise that are clearly unacceptable based upon the financial standards published by the Internal Revenue Service. An offer in compromise has to be reasonable in amount and must equal or exceed the minimum offer published by the Internal Revenue Service.

We have other posts that go into more detail on both offers in compromise and installment agreements.

The filing of a bankruptcy can offer tax relief in Dallas Texas: what is federal tax relief in a bankruptcy is complicated. Multiple factors must be considered. The best way to determine if a bankruptcy is appropriate is to visit with the professional attorney who files bankruptcies on a regular basis for their clients. The Law Office of William F. Kunofsky works with their clients to find the best solution to their tax problems. All types of bankruptcies, chapter 7 chapter 13, and Chapter 11 are Filed by the Law Office of William F Kunofsky.

Take advantage of the experience of this law office and come to an appointment where you can describe the problems that you face and get competent experienced advice. Ive been helping taxpayers since 1979. Call now for an appointment (214) 369 1040 or respond to our contact us in the margin on the right. I look forward to meeting you.

he only way to get all the information you need about federal tax relief is by seeking the help of an attorney who spends most of his time on tax relief in Dallas TX. If your IRS debt burden is weighing heavily on you, call the Law Office of William Kunofsky at (214) 369-1040. We can help you to solve your problems so that you can get on with your life. Visit us to learn more.

Tax relief Dallas TX

Bankruptcy Lawyer Dallas TX

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Dallas, Texas 75231

(214) 369-1040