Grappling With a Tax Problem? Read This!

Tax Problems Help NJ

Is there a problem with taxes? There is always a solution as the IRS has put in place a mechanism to allow any taxpayer to come over any problem that you might be facing. You should never ignore the problem as tax problems help NJ is readily available. Let’s look at the many options that you have:


Tax Payment Options

There are many different payment options which you agree for if you are unable to make the payments in part or in full on time. Once there is an agreement, you are on the safer side even if your taxes are not paid in full. However, if the agreement is not set-up, there may be additional penalties for not reaching an agreement or the set-up.


Solution-1: Offer in Compromise

Things have turned worse for you and feel that you will never be able to pay off the taxes that you owe. What should you do? It is where you should aim for offer-in-compromise. It will allow you to settle the taxes for a lesser amount that you owe. Although it is difficult to get his agreement, it is made available to those taxpayers whose situation has turned worse. These people can’t be held liable for the amount they owe as they have slipped into the property.


Solution-2: Abatement for Penalty

Are there any penalties that are imposed on you? If you feel that these penalties should not be levied on you then is possible that these can be removed. By levying penalties, IRS scares the taxpayers to stay in compliance with the laws. If the IRS understands that there are circumstances where the taxpayer should not be held liable, then they give penalty abatement.


Solution-3: Innocent Spouse

It is a form of tax-relief which is applied to those taxpayers who have filed joint tax returns. In it they have a tax amount owed and that one spouse feels that the responsibility of the other spouse. In joint return is filed both the taxpayers are held liable for the entire amount. An innocent spouse relief places the tax liability on one spouse only so that other is not burdened under the tax burden.


Solution-4: Undergoing hardship

If you are undergoing a tough time, IRS understands that it would not be fair to collect the taxes at a particular time. It is because IRS feels that it would be unfair to create the financial hardship on the taxpayer. The IRS declares the taxpayers currently not collectible for a certain period until the financial situation improves enough for them to pay the taxes.


Wrapping Up

Thus if you are having tax problems in NJ, you can look for these solutions. As stated earlier, if you reach an agreement with IRS, you will be able to get waivers on the taxes that you owe. If you get these waivers, you will stand in good understanding with IRS.

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