How a Tax Professional can help you Settle IRS Debt for Less

To start, a tax professional should offer a free consultation. This is when you meet, discuss your situation, and finalize a plan of action. During this time, do not be afraid to express your concerns and ask any questions that are on your mind. Some people make the mistake of letting the tax professional talk the entire time. While you want to listen as much as possible, you are the one in the bad spot. For this reason, you have to learn as much as you can.

After the consultation you should have a better idea of whether or not you are interested in moving forward with that professional. If you decide that the first person you speak with is not right for you, there is nothing wrong with continuing your search. The last thing you want is to hire the wrong tax professional. This can greatly harm your chance of settling your tax debt for less.

Once you choose a tax professional you are ready to get started with the settlement process. At this time, you will sign a power of attorney to give your professional the ability to communicate with the IRS on your behalf. At this point, you are removed from the process in many ways. Since your tax professional can step in on your behalf, it is simple to stay out of the way and hope for the best. Remember, your tax professional has experience so they will do whatever it takes to save you money.

Soon enough, your tax professional will start the settlement process. They will consider several options including: installment agreement, penalty abatement, offer in compromise, and innocent spouse relief. All of these are a great way to lessen your tax liability. You will not qualify for all four, but hopefully one of them will suit your situation and allow you to settle your debt. Remember, your tax professional will know where to start and what your chances of success are with each type of settlement.

If everything works out, the last step in the process is when your settlement is approved. At this point you should feel better for a couple of reasons. Not only do you get to pay the IRS less than what you owe, your will be back in full compliance for the time being. Once your situation is straightened out, you should do whatever it takes to avoid future issues.

As you can see, there are several ways a tax professional can help you settle IRS debt for less. Now that you know what a tax professional can do for you, it may be time to hire one. Soon enough your tax debt may be settled.

Looking for someone to help you settle taxes? Request a free consult from one of our tax professionals.