As the nation continues to progress to economic norms after the pandemic fuelled years tax relief has become a central topic. With over 21% of Americans not having enough taxes withheld in their banks it is vital to get the right information.1 There are multiple initiatives being released so to make sure you’re receiving all the tax relief possible try a simple online search.
What Exactly Is Tax Relief?
To put it simply tax relief is a program or policy designed by the government to reduce the total amount of taxes paid by individuals or businesses.2 Tax debt can be a significant burden on an individual or business especially when already struggling in financially tough environments.
What Are Types Of Tax Relief?
- Tax Deductions – Deductions can be claimed by an individual for a variety of different reasons. The deduction you take will depend on your specific circumstances. For example if you are self employed then perhaps taking a deduction for your home office would be beneficial.
- Tax Credits – Tax credits are similar to tax deductions but rather than reducing the amount of tax already being paid they directly reduce the total amount of taxes owed. Unlike tax deductions you must earn less than a certain threshold to qualify for a credit.
- Tax Exclusions – Tax exclusions differ from deductions and credits in that they are benefits, rather than paying an exclusion of taxes you are receiving someone else’s money, which can be done under the tax credit.
Professional Tax Relief Advice
Taxation is a difficult topic for most as there are many complex moving parts to each individual and business. Operating in different industries and states will determine your official tax relief, if any at all. There are many professional tax relief agents who can save you huge amounts of time and most importantly save you money.
The Top 4 Tax Relief Agents of 2022
Anthem Tax Services3
One of the most respected companies in the field today is Anthem Tax Services. Anthem offers both IRS tax debt relief and preparation of company taxes. One of the major benefits of using Anthem is the money back guarantee they offer if they can’t find a resolution with the IRS. Now the minimum required for consideration of tax relief is a debt of $7500 and to begin the initial investigation is a $275 fee.
CommunityTax is a company that focuses on IRS tax debt relief. They offer services to people with tax debts from $5000 and upwards and their money back guarantee is offered from a 3 to 10 day period depending on the type of service you’re requiring. A major benefit to this company is they offer Bilingual services allowing many international arrivals better translations of important taxation information. The initial consultation fee is around $250.
Optima Tax Relief is offered on a mobile application and allows you to file free tax extensions and receive guidance on IRS notices. They do however only work with people or businesses that have $10,000 in tax debt and initiation fee to begin working is $495. Their initial consultation however is free and they have great support staff.
Victory Tax Lawyers6
Now for people who are in a bit more of a tricky situation with tax debts of over $20,000 Victory Tax Lawyers may be the best option. Now its important to understand Victory Tax Lawyers are a law firm and focus more on tax related criminal charges but can help with bigger tax debts. They’re a top performing professional agency that can be used for more intense tax debt obligations.
Pandemic Tax Relief Guidelines
The US Government under the IRS has drafted policy to help navigate the economy after the pandemic. The three main tasks on the agenda were, help keep the economy going, help keep people employed and to help people track tax relief related information. Now this information can be confusing for the everyday citizen but using a tax relief expert can make sure you’re getting all the deductions you deserve.
Common Reasons For Tax Debts
- Back Taxes – Tax debt can be a result of financial loss incurred in times of adversity or an error in paperwork from previous years of taxation filings.
- Tax Liens – Liens can be issued by the IRS when an individual or business is unable to pay their debt and the IRS has given them a deadline to clear this debt. If they are unable to they can issue a lien, which limits their ability to acquire assets.
- Tax Penalties – Taxes are very complex, especially for businesses and often companies can find themselves in trouble if working within multiple states or enforcing a rigorous payroll. Failure to pay taxes on time or incorrectly can result in penalties.
Get Immediate Tax Relief Now
If you’re under financial pressure from tax debts in your life there is help available immediately. To streamline these debts and to see if there is any relief available using a professional service can save you time, stress and money. To view and speak to top professional tax relief agents try a simple online search.