Everything About Fresh Start Tax Relief | Global Gate

Everything You Need To Know About Fresh Start Tax Relief IRS tax relief programs are definitely a godsend. For those who don't know, Fresh Start Tax Relief is an umbrella term for the debt relief option offered by the IRS (Internal Revenue Service). This program is specially designed to make things easier for taxpayers to get out of debt and penalties legally. There are some options that may reduce or freeze the debt you are carrying. Others can make things easier for you to pay off what you owe in smaller chunks. The Fresh Start Program is a collection of changes to the tax code. It offers various levels of relief and repayment options based upon each applicant's special financial situation. The initiative was first launched in 2011 for the sole purpose of helping taxpayers to get back on their feet. The program is all about promoting reasonable repayment options over enticing penalties. This program is extremely effective and useful as it may help people to pay off taxes

while avoiding levies, wage garnishments, liens, and jail time. How to Know If You Qualify For IRS Fresh Start Program? Before everything else, you should know that IRS tax relief programs specially designed the Fresh Start Program for everyone. Because there are not many options/varieties available, you are most likely to find at

least one suitable channel for debt relief. On the contrary, the program's complexity suggests that you should work with a tax professional to explore the options for yourself. Since nothing comes easy, there's one hurdle that you'd want to cross: the current tax returns. The IRS requires you to have the correct amount of withholdings for the current year. This is the IRS's way of making sure it can trust the taxpayers to be accountable. Qualifications Needed To Avail Fresh Start Initiative ● Self-employed individuals must prove a drop of 25 percent in net income. ● Joint filers can't earn more than $200,000 annually. ● Single filers can't earn more than $100,000 annually. ● Your tax balance must fall under $50,000 before the year's end.

The underlying requirement is that you must apply for the option that you think is appropriate for your situation. The IRS won't automatically apply the program to your debt just for the sake of your qualification. You should know that the IRS charges interest on tax, penalties, and interest until the balance is paid in full. In the End That's everything you need to know about Fresh Start Tax Relief. It is the kind of service every taxpayer should look into, and if you haven't yet, then this might be the right time to do it.

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