{"id":865,"date":"2019-07-09T19:44:00","date_gmt":"2019-07-09T19:44:00","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=865"},"modified":"2023-09-26T22:18:12","modified_gmt":"2023-09-26T22:18:12","slug":"7-ways-to-find-tax-relief","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/tax-relief\/7-ways-to-find-tax-relief","title":{"rendered":"7 Ways to Find Tax Relief"},"content":{"rendered":"\n

The most dreaded time of the year starts in January and ends April 15th. This time entails the filing of W-2’s and 1099’s. Sitting at a desk, biting one’s nails, waiting to see what the final numbers are. It’s tax time again.<\/p>\n\n\n\n

Since taxes never go away but incomes tend to change, tax debt has a real possibility of creeping into an otherwise okay life. When this happens, you do not have to panic. There are seven ways to obtain tax relief.<\/p>\n\n\n\n

Be an Expert in Deductions<\/h2>\n\n\n\n

Deductions are the Internal Revenue Service’s gift to all taxpayers. Deductions are ways to essentially “write” off something you don’t want to show as income. With deductions, a person’s tax liability is reduced and their return is higher.<\/p>\n\n\n\n

This is especially important for people who have chosen the path of self-employment. For example, a freelance writer may work from home but they still need supplies. These supplies are expenses, therefore, they count as a deduction. At the end of each year, it is an excellent idea to start fresh and organize any papers and receipts. Do some research, talk to a tax professional<\/a>, and learn what deductions are available. Whether one is self-employed or employed by a company, deductions are vital to getting the most out of what is paid in through taxes. To become the deduction expert, start by visiting the IRS<\/a> website for a complete list.<\/p>\n\n\n\n

Examine Documents for Errors<\/h2>\n\n\n\n

Never fear, the IRS will contact you about any errors they have found and the penalties involved. When this happens, take time to examine your tax documents carefully. Look over them with a fine-toothed comb. It never hurts to put more than one set of eyes on the documents that determine what you may owe.<\/p>\n\n\n\n

If you doubt your skills to examine tax documents and identify potential problems<\/a>, contact someone who is more qualified. Have a friend or even a tax professional look over them. A quick glance could mean the difference between a few hundred dollars and thousands of dollars.<\/p>\n\n\n\n

Debt Reduction<\/h2>\n\n\n\n

According to an article on Supermoney.com<\/a>, Americans owe $458 million dollars in back taxes. With this much being owed, the IRS understands that they may not get all of that repaid. People are under hardships which include financial instability. With that being said, debt reduction becomes a practical way to obtain tax relief.<\/p>\n\n\n\n

A debt reduction is when the IRS determines a person cannot pay the entirety of what they owe and therefore reduces the amount owed. Contacting and clearly explaining your financial situation is the first step. It’s not impossible for the IRS to reduce the amount you owe in order to get some of their money back. Of course, the IRS wants as much as possible so be realistic when asking for a debt reduction.<\/p>\n\n\n

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\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

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