Tax Relief Explained: What To Do If You Can't Pay Your Taxes
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- Опубликовано: 30 июл 2024
- ➡️ Request your FREE tax relief consultation at choicetaxrelief.com/free-tax-...
Tax relief is a general term used to describe various programs that taxpayers and their representatives - such as enrolled agents, CPAs, and tax attorneys - utilize to minimize or even eliminate the taxes, penalties, and interest a taxpayer owes to the IRS and other tax agencies.
These tax relief programs range from a simple phone call to the government for first-time penalty abatement to a full-fledged offer in compromise.
In this video, Logan Allec CPA answers the question, "What Is Tax Relief?" and goes over the three major IRS tax relief programs we use everyday for our clients.
Videos Mentioned In This Video:
➡️ Offer In Compromise Basics: • Offer in Compromise 20...
➡️ Offer In Compromise Formula: • Offer in Compromise Gu...
➡️ Filing Back Taxes: • How to File BACK TAXES...
Table of Contents:
0:00 What Is Tax Relief?
2:12 Tax Relief Program Commonalities
3:10 The Three Major Tax Relief Strategies
7:03 An Offer in Compromise May Not Be the Best Option
8:10 Shady Tax Relief Companies
9:00 Tax Relief Program #1: Offer in Compromise (OIC)
11:12 State Offer in Compromise Programs
14:05 Tax Relief Program #2: Currently Not Collectible (CNC) Status
20:36 Tax Relief Program #3: Partial-Pay Installment Agreement (PPIA)
➡️ Book your FREE tax relief consultation TODAY at choicetaxrelief.com/free-consultation/ or call 866-8000-TAX NOW!
work for a tax relief company and this is very insightful to learn more information. love your videos
Thank you for your help!
You’re welcome!
Very helpful video. Definitely going to give these people a call. Hopefully they can help me.
YOU ARE THE BEST ..!!..THANK YOU FOR ALL THE GOOD INFORMATION.!!..I LOVE ALL YOUR VIDEOS.!!
You’re welcome, Alejandro!
According to my research, for tax year 2023 (filing in 2024), it appears they've bumped up the short term time period to 180 days ... am I correct on that?
Not going to be able to pay my property taxes. Need to raise the exemption ceiling and adjust it for inflation. Hasn't been changed in 43 years. The huge increases in valuations is going to cause a huge increase in insurance premiums. I'm scared. I'm REALLY scared
State tax has started to Garnish wages. They are telling me there is no way to stop the garnishment! They are also telling me if I go through a tax relief program I will be paying for nothing to the tax relief company! They say they are going to work with me but very little it seems like.
Hi Susie. Which state? Give us a call at 866-8000-TAX (866-8000-829). I'll tell you how we operate. We do a deep-dive investigation into each client's situation upfront to determine exactly what relief options they're eligible for. We do charge a fee for this because it takes take a lot of time. But it's not a large amount. Then once we determine what options the client is eligible for, we tell them their tax relief options. If there's not much we can do for them, we tell them that too. A lot of tax relief companies will scam people by promising "pennies on the dollar" tax relief and charge them a lot of money for that without even knowing what they're eligible for.
Hello i love your video im in the middle of a situation who can you recomend. Me in the northern va or dc area
Hi Silvestre. We work with clients around the country. You can book an appointment by calling 866-8000-TAX. That's 866-8000-829.
Yes. Your team does offer a free consultation, but you are only given a half hour to give your info!!! the guy I was talking too didnt even care about your story he just wanted "numbers"!!! He kept saying, "I cant hear you!!". I can't hear you!!" Making me nervous. You could tell you were on a time limit. I do believe he was doing his best to scare me into hiring the services. Then I asked what the "affordable payments" were. He told me it was 84 divided by my tax debt...well that would have been over $800.00!!! Affordable?? I'm in the process of talking to an actual tax attorney......I do enjoy your videos though :)
Hi! Do you remember the name of the individual you spoke to?
I believe his name was Tim. I mean, does it really matter?? Apparently, this is the company's aesthetic. You have a half an hour ...... I get its that time of year.... your busy, then maybe hire more agents? So, they can have the time for a relaxing conversation. Thats all I'm saying :) I don't know. I don't want to get anyone in trouble. Maybe it's just me. I AM in a stressful situation.
Form 433 F. Then submit info toTax Advocate Service. They are the IRS who are available to you.
How much did you pay for the service? Person I was assigned to was nice, but the fee sha gave me sounded a bit too much - $3500 to settle a 17,000 debt. Can you recommend someone more affordable? Thank you!
Thanks for the info. I’m a first year tax partner and I have a self employed client who hasn’t filed in 6-7 years. Would he be able to negotiate a reasonable amount to repay for back taxes?
It depends on 1) how much he owes based on the returns you file and 2) his current financial situation. But keep in mind that you may not want to file all those returns. Unless the IRS has filed an SFR for that seventh year back grossly overstating his tax liability for that year, you may only want to file 2017-2022 (last six years based on IRS Policy Statement 5-133) and establish a resolution based on those years alone. It is highly unlikely that the IRS will prepare an SFR for years before that. That's why at my tax relief firm we ALWAYS start with an investigation to put together a resolution game plan first rather than just selling the prep and resolution all at once.
One thing is that you have to be current before you can apply for a payment plan.
I recently been audited so far they got me for 2019 for $17,000. I haven’t made an arrangement yet I’ve been talking to the agent she’s waiting to receive my 2020 returns so she could audit that one as well and my 2022 returns haven’t been filed yet.
How did you go about this? They just audit me also.
@@HookinFever turned out they got me for 52k for three years, I just made a down payment and will find out what my monthly will be on Monday. I need to make some payment till I file a BK.
I filed on April 8 e-file currently April 21 still not received yet when I check where's my refund.....this never happened before should I call IRS???
I filled back in February 4-22 I’m still waiting for my refund! The IRS sent me a cp-12 letter saying I’m owe a refund of 18,275 but when I check my transcript my refund is on hold but when I check the where’s my refund? It gives me a code of 151!! Try calling the irs and no one answered the damn phone!!! It’s very frustrating
Hi Deon. Did you get your refund?
@@LoganAllec yes I did...thank u
@@deonb6443 Good to hear!
This is a tax question. I’m in California and I have a yard man that comes 2-3 times a month. I pay him $300-$375 a month so
between $3,600-$4,200 a year.I tried to google how much the threshold is of paying someone without filing a w-2. I got answers
than anything over $600 a quarter other places I read on line say $1,900 a quarter. What is the correct answer? Does anyone know?
You cannot issue a w-2 nor a 1099-nec. Gardeners and hours cleaners alike are most of the time considered self employed meaning they set their own hours and complete the job in their terms also provide their own tools and equipment to complete the job.
Not to mention, you would most of the time only file this is if you own a business to include it as a deduction. However it seems like it’s your personal home in that case it’s not tax deductible unless you are a home based business and even then it would only be a percentage based on the area of home used
I want to see a Logan and meetkevin collab
Oh boy. Would I have to dye my hair pink?
where are you based?
Los Angeles, but we have clients all over the country (and some internationally as well). We do everything over the phone / web.
Can you please help me?
Book a free consultation at choicetaxrelief.com/free-consultation/
I owe less than 10k can you help?
I f u owe IRS but are on DISABILITY ---Wont IRS just put a LIEN on ur house if theres EQUITY in it ?
Mr satan rules
hello 😈