Virginia Tax Debt Relief

The amount of money that you owe to the IRS varies from year to year, and this can make it difficult for taxpayers to estimate and plan for their tax bill. While you may have taxes withheld from your paycheck regularly, other factors related to the deductions you qualify for, your tax rate, if you sold a home or other assets and more can all potentially result in a much higher than expected tax bill. If you are currently facing a huge IRS bill that you are unable to pay, Virginia tax debt relief may be available.

Virginia Tax Settlement
When you fail to pay your tax bill to the IRS, you may face penalties related to monetary fines, wage garnishments, levies and even imprisonment in some cases. Virginia tax debt relief is available to help you settle the debt and move on with your life. While there are different strategies that a debt relief company may recommend based on your unique situation, an offer in compromise is a top solution. With an offer in compromise, the IRS may agree to accept hundreds or even thousands of dollars less than you actually owe, and you may never have to pay the remaining balance to the IRS.

How an Offer in Compromise Works
Virginia tax debt relief can help you to re-establish solid footing with your finances, and an offer in compromise is a popular option that works well for many. However, there are requirements and strategies that are more effective for taxpayers to use, so those who are interested in this type of Virginia tax debt relief may seek professional tax debt services for the best results. With an offer in compromise, you must formally make a request to the IRS and must provide solid reasons why the IRS should accept the offer. Your tax debt company can assist you in preparing this request.

While the IRS could turn down the offer in compromise request, many will find that this type of Virginia tax debt relief is highly effective. The consequences associated with not paying your taxes to the IRS are serious and significant, and you should take time to explore debt relief options as soon as you realize that you are unable to pay the full amount owed. If you would like to explore debt relief options in greater detail, contact a tax debt service company for personalized information about your options.

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