Updated: Dec 4, 2020
2020 has been a financially devastating year for many hard working Americans. Some of us have been faced with problems like losing employment or having to close a business. We saw different relief efforts made like the Payroll Protection Program also known as PPP Loans for businesses. Individual taxpayers under a certain income level received a stimulus check cut by the Treasury Department.
The struggle yet continues so President Trump gave orders for Payroll Tax Deferral on September 1st. Even with these relief efforts people's pockets are still hurting and that is why I wanted to share critical information with those of you that owe the IRS $20,000 or more. If you don't owe at least $20k there is information you should know as well. You can find that here: 4 Things You Should Know if You Owe the IRS.
Are you afraid you won't ever be able to open another bank account? The IRS has already issued a lien on what you do have? If they haven't they will soon if you don't take care of the problem. But here is the thing, even if you can't afford the amount you owe: the IRS DOES make deals on taxes owed, including all penalties and interest.
To qualify for the best deals with the IRS I would recommend you owe the IRS at least $20,000 and have little to no equity in assets. You also must be using your income to pay your necessary living expenses with only a small amount left over to pay back taxes.
The requirements are firm but if you qualify the results are incredible and can potentially see yourself only paying a small fraction of what you once owed. If you meet these requirements then you owe it to yourself to explore the possibilities of getting a reduction of up to 85%. This includes and penalties and interest that may have accrued on the original amount owed, if you qualify.
You may be asking yourself, why would the IRS cut me a deal? Well cutting a deal with you is a win for them as well. They want to get you back in the system as a current tax payer. Within the fine print of these deals of the IRS you also must file and pay your taxes on time for the following 5 years. Otherwise the IRS will revoke the deal they made with you and bills you for the original amount.
This is why it is so important to make sure that your deal is set up correctly.
Our team of professionals is here to help you through the process. You can schedule a call with us today by calling 502-632-3171 or at https://bookingbowens.as.me/taxrelief.
Do you want to know 6 more secrets that the IRS doesn't want you to know? I'd love to share them with you! Visit our site at www.bowenstaxsolutions.com and enter your information in to enter our whitelist report The 7 Secrets the IRS Doesn't Want You to Know
Timalyn S. Bowens is EA Louisville's Tax Expert and will work hard to find a legal solution that is customized for you!
When you are facing questions regarding your personal or business taxes, working with a professional makes all the difference. At Bowens Tax & Bookkeeping Solutions, we serve our Louisville-area neighbors by providing the tax services and knowledge needed to succeed. We are here to assist you with tax preparation, tax representation, tax planning, and more. Visit our website at www.bowenstaxsolutions.com for more information.