Ways To Settle Your IRS Tax Debts For Less Than What You Owe

Taxes can be draining not to mention the fact that life can be tough if you have accumulated tax debts to payWhile taxes need to paid, there are different tricks you can employ to get out of your tax debt and also reduce your taxable income. If you live in Orange County, more than enough options whether yours is a small business or you are simply a couple looking to save a coin or two. Below we look at some actions that may be beneficial to you as far as tax and tax exemption is concerned.

Remove Wage Garnishment

The irs tax is quick to start garnishing your wages. This will not only leave you cash strapped but the garnishing can put you in trouble with your employer. With the right professionals, you can get the wage garnishment lifted and come up with a more friendly way of paying your priority debt.

Penalty Abatement

Late payment of taxes attracts some penalties and this only translates to more stress on the tax payer. Fortunately you can have the penalties removed if you can come up with a good payment plan. An OC Tax Relief attorney can help you apply for penalty removal and advice you on the proper steps to take to ensure that you do not pay more taxes than you need to.

Tax Debt Slashing

If your tax debt is substantial, you can get it slashed to a manageable amount. While tax debt slashing is not applicable for everyone, you debt will be considerable reduced if you qualify for this program. A qualified professional in the taxation field will help you determine whether you qualify for the program or not, says san antonio tax lawyer.

Reduce Tax Obligation

Some people are not aware of the tax exemptions that they qualify for. While some of these exemptions may seem negligible, they can reduce your tax obligation and prevent you from accumulating tax debts in the first place. Among the major exemption in OC is the Home Owners Exemption.

This exemption benefits people who own and occupy their homes as their main place of residence. To benefit from this exemption, you need to submit an application. There is no need to renew the application every year as the first application will remain valid for as long as you live in that house. With a Homeowners Exemption, you will get a 7000 dollars tax exemption from the assessed value of your home every year.

There are many more exemptions that most of us qualify for. Get an experienced Attorney to help you identify some of the ways you can reduce your tax burden and avoid getting into trouble with the IRS.