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Owing back taxes may be more common than you think. Many people assume that they have filed their taxes properly only to find out years later that they made a mistake. When the IRS tells you that you owe back taxes, it’s important to hire a tax relief specialist in Kentucky as quickly as you can.
Know the Facts About Tax Relief in Kentucky
Taxpayers aren’t always educated about tax law. Hiring an enrolled agent or a tax attorney to look over your back taxes is important. They know what the laws are for federal and state taxes. Many people don’t know that they can file deductions and credits that they may have missed when they first filed their taxes. The agent or attorney will review all of your tax information. They can let you know if the IRS is correct about the back taxes, they claim you owe. Just because the IRS claims you owe the money, it doesn’t always mean you do. Filing the proper paperwork can mean the difference between paying money you do or don’t owe.
You Could Actually Save Money by Having a Professional Review Your Case
When you owe back taxes, there are fines and penalties that the IRS charges. The agent can find tax relief for you that could lower what you have to pay. Not only can they discover credits and deductions, but they can also work directly with the IRS on your behalf. It's common for a tax relief professional to negotiate to lower the amount that is charged in fines and penalties, and how you pay them.
An Offer in Compromise is a great form of tax relief that helps taxpayers who owe more than they can ever pay. The agent negotiates a lower amount to pay to the IRS. You have to pay the proposed amount when you submit an Offer in Compromise. The agent can help you to determine how much you can afford to pay for the offer. This ensures that you don’t put yourself in a financial bind to get out of debt with the government.
If an Offer in Compromise isn't a good fit for you, your agent should let you know. Instead, they can negotiate with the IRS to establish an installment plan for the balance you owe. The installment plan requires you to pay a specific amount each month. The amount is often very reasonable and can help you afford to pay your bills and resolve the debt you owe.