Everything You Wanted To Know About State & IRS Taxes
For each year, taxpayers will be expected by the U.S government to pay income taxes to the IRS. Traditionally, to avoid a large sum of money at the end of the year, the US citizens will have their taxes withheld from their wages. But this situation may be different for those who are independent contractors and self-employed.
This is because they may not have any tax being withheld. These people will need to do the estimations of their taxes instead. In Hawaii, HI, finding tax relief consultation may be your best choice especially if you are self-employed or facing tax debt difficulties.
Circumstances can happen and even when you do want to pay your tax in full, you may be facing certain situations that will prevent you from doing so. A proper tax relief consultation by licensed tax attorney will guide you through your issues such as wage garnishment, tax liens or innocent spouse relief.
The IRS has options available for you if you find yourself in this predicament. Depending on your situation, you may be eligible to request an Offer in Compromise, an installment agreement, an extension of time to pay, or a temporary delay of the collection.
Many taxpayers lean toward the Offer in Compromise program when they realized they own the IRS years of back taxes. But there are many other options on how you can settle your tax debt issues. One of them is by installment agreement which can prevent the IRS from taking further action on tax collection.
The second one is by filing an amended return and the pros of this option are the decrease tax liability by dollar for dollar. Whichever option you choose, make sure you get a tax relief consultation from a tax attorney before you proceed.
