Having IRS tax debt is not good for your financials. Fortunately, the IRS offers a Fresh Start Program that can help people get out of debt. If you are struggling to meet tax obligations set by the IRS, the Fresh Start Program would be the best deal for you.

In this blog, we will talk about the use of this relief program, the benefits you can have, and some tips that will elevate your chances of tax settlement. Keep reading to learn more about them. You can look for tax relief lawyers to have some added benefits.

What is the IRS Fresh Start Program?

IRS Fresh Start Program started to settle pending tax debts. Here are some of the essentials you must learn about it.

1.      Learn about the Installment Agreement

Using the same method, we can repay our tax debts and manage our financials more professionally.

2.      Where Can We Use OIC?

We all have heard about Offer in Compromise. Using this tool, it is possible to settle our debts. You don’t have to pay the full amount to the IRS. After negotiations with the officials, you can come up with a number that you have to pay.

3.      Get Some Relief Against Penalty

IRS has introduced penalty relief funds only if you have reasonable causes. Their officials will check the whole thing, understand your scenario, and then take the decision.

4.      What Are Tax Liens?

Finally, tax liens are an option you have. Learn about the threshold in this case and deal with smaller debts in the best possible way. Take professional help if you want.

Important Aspects You Must Learn About the Fresh Start Program

Before applying for the Fresh Start program, here are some aspects that you must check-

1.      Can We Increase the Threshold?

Using this method, we can increase the minimum threshold to file a lien. Learn about getting relief and tackling debts to get the best results possible.

2.      Get the Best Installment Agreement

After consultation with a tax attorney in Encino, we came to know that once you have tax debts of $50,000, you can apply for the installment agreement. It can take some time in the approval process; be patient during the process.

3.      Who Can Apply for This Plan?

There is strict rule regarding the eligibility of this relief fund. Getting an Offer in compromise is easier than the Fresh Start program. It all depends on the amount the IRS owes you.

4.      Get Penalty Relief

For penalty relief funds, the rule is different. The taxpayers must be unemployed for over 30 days to be eligible for the plan.

Long-Term Benefits You Will Have

We have extensively discussed the basics, and now the time has come to learn about the benefits.

1.      Avoid Tax Levies

Once you create an agreement with the IRS, it is possible to reduce your tax debts and tax levies.

2.      Easy Payment Management

Using the installment payment option, we can pay our debts quite comfortably.

3.      Settle Your Tax Debts

Finally, settle your pending debts with the IRS and start a new life.

If you want to learn more about these relief programs, it is better to consult with an expert in this field.