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What is Tax Relief?
Tax relief, or tax debt relief, is when the IRS allows you to settle your tax debt for less than the entire amount you owe. You can obtain relief from federal income taxes during bankruptcy, for example. You can also obtain tax relief by applying for an “offer in compromise” with the IRS. This is an agreement to release any pending wage or bank garnishments and accept a lesser liability as long as you pay off the remaining tax debt according the the agreed-upon plan.
When is tax relief right for me?
Not everyone is eligible for tax relief—it depends on income, expenses, equity, and most of all your ability to pay for the foreseeable future. Tax fraud convictions or bankruptcy proceedings can also prevent you from applying for an offer in compromise. Kootenai Bankruptcy offers free consultations so you can find out where you stand and what your options are.
Owing back taxes to the IRS can be a nightmare, but Kootenai Bankruptcy can work with you to lighten your burden and negotiate a fair and manageable settlement.
Call us to schedule a free consultation. Every case is different, and so the consultation is your time to tell us your story, and our time to give you specific guidance as to how we can help in your situation. Don’t let debt keep you down; get a handle on it by giving us a call today.