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Connecticut Tax Relief Options
Like other areas of the US, Connecticut has felt the sting of economic hardship. While the market may be on the rebound, many citizens are still struggling with back taxes and their repercussions.
The IRS is one of the most powerful financial institutions in the nation, and they have the power to collect their money by any means necessary. This is a scary prospect for people who live paycheck-to-paycheck, and it’s important to deal with tax issues head-on.
Ignoring IRS correspondence is one of the worst things you can do and can quickly lead to tax liens and frozen assets.
Avoid IRS Imposed Consequences
The IRS has a bevy of collection tools at their disposal. If you owe back taxes, you can wake up to a bank account that’s thousands of dollars in the negative, a repossessed vehicle, or an IRS agent who’s ready and willing to walk out with your possessions immediately. These tactics are usually a last resort after letters and phone calls have failed to generate any results.
Wage garnishment allows the IRS to take a portion of your paycheck every week until your debt is satisfied. If it ever comes to this point, it becomes imperative to seek out a CT tax relief resources.
What Can You Do?
Every state offers a number of taxpayer advocates who can keep you apprised of your rights and help you make wise decisions when dealing with the IRS.
If you’re married to someone who owes money to the IRS or is facing a tax offset, you may be eligible for innocent spouse relief. This allows you to get back your portion of the tax return when the offset or debt isn’t your fault.
Another potential solution is an offer in compromise. This allows the taxpayer to fill out a series of forms reporting all of their income, and then to pay a lump sum settlement in place of the original amount.
It’s important that you educate yourself and be prepared to follow through.