Tax services in Houston, Texas
Some taxpayers have problems concerning a large amount of taxes after their tax preparation services. In such cases, Green Tree Tax is the best Tax services in Houston, which can make your issues go away.
This could create additional problems in terms of your financial condition. Owing a large amount of taxes will result in a difficult payment on your part. A taxpayer must pay their taxes as they make income. With the use of Offer in Compromise, the IRS will accept the taxes, which you will pay in less than the original amount. Besides, this provides an effective measure to pay your taxes faster.
Why you should choose Offer in Compromise?
- As long as, there is some assurance that the IRS can collect the bill. The taxpayer can pay IRS right away or in the near future. In short, The IRS often refer to this as “doubt as to collectability.” IRS wants to make sure you can pay your taxes if they accept your offer.
- There are exceptional circumstances that the payment of the tax bill causes an “economic hardship”. Also, it would be “unfair” or “inequitable” to take. This provides the IRS an option to take the small payment you have to accept the payment that you will offer. Thus, this leaves you with a benefit of no taxes at all to worry.
If you have one of the here items in our page, it would be easier for you to qualify for an Offer in Compromise.
The Offer to Compromise Process
Submission of an Offer
firstly, is submitting an offer to the IRS is a formal process. This provides an effective way to settle the OIC. To make this successful, you begin by completing the IRS Form 656, Offer in Compromise. The payment required for filing an OIC should be attached to the Form 656. The good news is there is an exemption from the fee if the monthly income you have is below the poverty rules. If you will claim the poverty exemption concerning your tax bill, you will submit an Application Fee Worksheet taken from the Form 656 booklet.
Detailed Financial Information
In doing the rules of the IRS, a taxpayer should provide detailed financial information to the IRS using Form 433-A that is for individuals or Form 433-B which is for businesses. We call this collection Information Statement. In case you are married and reside in community property, the Collection Information Statement includes information of your spouse even if you alone have debt in the IRS. The filling in this form should be done correctly if you are serious about the OIC. The IRS checks and monitors the disclosures you make using this kind of form. This review is more in detail the IRS availing an OIC. On the other hand, the installment agreement process is less detailed, since the IRS just plans to start collecting taxes.
Why contact our tax office in Houston?
To sum up, not paying taxes will cause you to have a large financial problem in the future. If you want to clear your tax bills, come visit our tax office in Houston or give us a call. We provide partnership tax preparation and IRS audit problems.