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Tax Relief Options for Missouri Residents
Missouri has always been known for its lower sales tax on certain products, and its transparent use of taxpayer funds. This does little to help residents struggling with tax debt at the federal level. Owing the IRS can mean navigating aggressive collection techniques and an endless number of forms and phone calls.
If you’re overwhelmed by back taxes or have watched a small amount snowball via fees and penalties, it can help to contact your MO taxpayer advocate. This is an objective third party who can help to educate you on potential repayment options.
Understanding the IRS Collection Methods
The IRS doesn’t have to abide by legal collection methods. They have the ability to issue a tax lien, offset future refunds, freeze accounts, and seize your property with little warning. If you don’t own anything of value, they can also institute wage garnishment.
When you receive an official letter from the IRS, it’s important that you respond in a timely manner with a solution to your debt. Ignoring any correspondence from the IRS can lead to tens of thousands of dollars in additional fines and interest. There are ways to stop the collection process and to reduce the amount owed.
Taking Steps to Protect Your Financial Future
You don’t have to sit back while the IRS absorbs all of your finances. It’s possible to reduce the amount owed based on your income and resources by filing an offer and compromise. The forms can be found on the IRS website along with a prequalification worksheet.
When one partner is the sole source of tax debt, the other has the right to file for innocent spouse relief—absolving them of the financial responsibility of their significant other. If you’re unsure of how to navigate the official process, you can discuss available options with a tax relief professional, who is always willing to help.