Best Tax Relief Companies

Compare these recommended tax relief companies to find the one that is best for you. You can navigate through the information we provide to find the best tax relief solution for your situation.

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Dealing with the IRS is never fun. But you don’t have to handle your interactions with them alone. The best tax relief companies can help you working with the IRS to sort the best possible solution.

What Is Tax Relief?

The IRS is a complicated and often unforgiving agency. Many taxpayers find themselves perplexed when tax season comes around and they discover new problems they’ve never dealt with before. While it might feel bad if this describes your situation, remember you’re not alone!
The best tax relief companies often help their clients navigate the IRS and come to the best solution. When you hire      a tax relief company, Certified Public Accountants (CPAs), enrolled agents, and certified tax lawyers will look over your situation. These professional teams are equipped to represent you and help you take advantage of all the rights and resources afforded to you.

According to the US Government Accountability Office (GAO), 21% of Americans owe money to the IRS. These are taxes that were partially or fully unpaid during the year they were due.
You cannot erase your tax obligations or the amount you owe. But you can reduce your tax burden by taking advantage of all reductions, credits, and tax forgiveness options possible for you. IRS programs allow you to decrease your tax bill under specified circumstances. 

Recommended Tax Relief Companies

Getting Tax Relief

If you’re having trouble paying the IRS in full by the due date, there are a few IRS tax relief options. These are some of the most popular avenues for you to consider.

Offer in Compromise
An “offer in compromise” is a kind of negotiation with the IRS. The program was made for people who are struggling to pay their full tax liability. If you’re unable to pay or paying would induce financial hardship, it’s a legitimate way to settle your tax delinquency for less than what you owe.

The IRS considers several factors for Offers in Compromise:

  • Your income
  • Your asset equity
  • Overall ability to pay

To make sure you’re eligible, all required estimated payments and tax returns must be made along with the application fee. You’ll also need to fill out a Form 433-A (individuals) or a 433-B (businesses). Lastly, you’ll need to file a Form 656 along with all necessary documentation.

IRS Repayment Plan
Another option you have is an IRS repayment plan. This allows you to break down your full tax liability into several payments. You can do so to make your payments more manageable while avoiding levies and garnishments. But you’ll still have to pay interest and penalties for being late until your balance is settled. The IRS allows repayment plans of two types.

Short-term
Short-term repayment plans involve payments made over the course of 120 days. They are only available to individuals, not businesses. You can arrange a short-term repayment plan if you personally owe the IRS $100,000 or less.

 

Long-term
A long-term repayment plan is paid back in over 120 days. The most you can owe to be eligible is $50,000 in taxes, penalties, and interest.

Penalty Abatement
Taxes can be enough of pain on their own. But sometimes you will also pile up penalties and interest that you need relief from.
Penalty abatement is a form of tax relief meant for those with special circumstances that have led to an inability to pay taxes. This can include natural disasters, hospitalization, or any uncontrollable circumstance. Any of these things would be seen as a “reasonable cause” penalty abatement.
If it is your first time      facing penalties and interest, there is also a first-time penalty abatement. This is the most widely available type of IRS waiver. If you don’t have a track record of tax penalties and not filing your taxes on time in the past, the IRS may qualify you for first-time penalty abatement. 

Tax Relief Companies: Are They Worth It?

In short, we believe the answer is yes.

If you need tax relief help of any kind, it’s often much easier with one of the best tax relief companies. They will guide the harrowing and complex process of tax relief.      

Tax relief companies are staffed by licensed professionals who know the IRS inside and out. The maze that is the IRS is their backyard. Also, if you’re unsure of whether you want to apply for their services, the best tax relief companies all offer a free consultation. Normally they can determine which tax relief services you qualify for after a free consultation and financial analysis. From there, they can walk you from start to finish, for a fee.

The IRS can be hard to deal with. If you’re being audited or don’t want to communicate with the IRS, tax relief companies can guide you through the process or even communicate with the IRS on your behalf.

We believe the key is to find the right tax relief company for you. You want to work with a reputable company and avoid all the scams that surround tax season. While there are excellent tax relief companies, there are also some businesses that make unreasonable promises to solve all your problems and eliminate your entire tax bill in exchange for an upfront payment. So, how do you know who are the best tax relief companies?

  • Online reviews     
  • A staff that consists of licensed tax attorneys
  • Free initial consultations
  • No promises or guarantees of solving all your tax problems.

Below are some signs of a tax relief company scam:

  • Promising or guaranteeing to eliminate what you owe to the IRS
  • Soliciting their services through letters or emails
  • Failure to assess your specific tax background
  • Trying to delay your case, like asking for the same documents repeatedly
  • Not being upfront about their fees

What Are the Benefits of Hiring a Tax Relief Company?

Everyone agrees the IRS is intimidating. The more you are dealing with them, the more stressful life is. If you’re being audited, it can be extremely worrying.

The complex rules surrounding the IRS can change every year. The jargon the IRS uses doesn’t make life easier for the average taxpayer.
Hiring a good tax relief company simplifies the tax relief process. It brings it back down to earth for you and enables you to better take advantage of your IRS relief options. Here is a list of the most important benefits you receive from the best tax relief companies:

  • Wage garnishment and asset seizure are two major ways the IRS collects on what they’re owed, but they’re avoidable if you know what your options are. A tax relief firm can help you find the best option if you’re unable to pay the amount you owe.
  • A tax specialist can prevent or stop tax liens and levies by diving into your specific IRS collection case.
  • They can interpret tax law many of us don’t have the time to learn and help explain the complexities and processes involved.
  • They can find the best solution for your specific tax situation.
  • They can step in as your tax representative to help protect and negotiate on your behalf.
  • Hiring a tax professional will not only help alleviate your tax issues but prevent further ones from coming up in the future.

FAQs

What should I consider when comparing Tax Relief Companies?

What is the “minimum tax amount” in tax relief?

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Do tax relief companies only deal with income tax?

Is tax relief a type of personal loan?