Have You Paid Your Home Property Taxes?

Having a home of your own comes with many benefits. You are required to pay property taxes every year as you enjoy the many benefits that come with having a roof over your head. You can learn how to file tax online to meet set deadlines. It is vital to consult a tax professional for back tax help to ensure the home remains yours. Penalties and late charges can accumulate if you do not observe set deadlines. You can call the IRS office to be advised how to pay off back taxes. It is important to be vigilant to ensure you file the right tax amount.

If you are struggling to pay your property taxes, talk to a tax professional to find out if you are eligible for a compromise. Paying your taxes in installments is possible when you request for back tax help from the IRS office. You must have a credible reason to be considered. Be careful when you approach companies that promise tax relief to avoid being swindled. Furthermore, you should never pay upfront to receive help; get in touch with a tax attorney to be advised further, if your local IRS office has not solved your tax problem.

Bankruptcy And Tax Debts As A Way Of Tax Relief Help

Another way of achieving tax relief help is by filing for bankruptcy. This however, is only applicable if one meets the requirements for discharging taxes. The law allows for a complete discharge of allowable debts. At the same time, it allows for a payment plan to offset some debts while discharging the remainder. The new bankruptcy laws treat tax debts equally, though not all of them are liable to be discharged in bankruptcy. There is a criterion that allows a discharge to be met and each tax debt is associated with a given tax return and tax year.

The tax debt has to meet five rules for one to qualify for tax relief help from the IRS when they file for bankruptcy. For a start, the due date for filing a tax return must have been at least three years ago. This includes extensions of due dates. The tax assessment must have been at least 240 days old. The assessment is from self – report or IRS final determination from an audit. The tax return must be free from fraud and the applicant must not be a fugitive. Finally, the taxpayer must not be guilty of tax evasion. At the same time, a petitioner must provide a copy of the most recent tax return to the court where bankruptcy has been filed.

Posted in Money by BigPaul at November 25th, 2015.
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