New Tax Relief Service

 

Published: Jan 17, 2020

All families that are working during these times can have the benefit of a federal tax credit. This is a great way to get some more money. However, lots of people don't know about this, and they end up missing out on a large sum of money. 

That's mainly because they don't want to bother themselves by filing tax returns. This means that money from the state, which was intended to go back to the people, comes back into the budget. Click here to read more. 

Everyone knows that if you don't take what is given to you from the government immediately, the chances of you ever getting the money goes down to zero. That's why many nonprofit organizations and companies want to help people get what they're supposed to.

The Tax Policy Center reported that around five million people don't claim their earned tax credits. That's a lot of people and a lot of money. We all know that it's complex to go through this entire process. 

What's tax relief, and why do you need it?

The IRS regulates everything when it comes to dealing with taxes. If you can't afford to pay everything on time, then you might be relieved of the debt. This always comes in the form of a settlement between you and the IRS. 

Depending on the situation you're in, you must act quickly because penalties are at stake. The IRS can charge you half a percent of your entire unpaid sum for a whole month. And they add interest to that number. 

This usually comes to fruition after the 15th of April. Let's say that you owe them 2000 dollars, and you are quite late. You forgot to pay on time, and now six months have passed. Then, you will need to pay a penalty of 30 dollars at the start, as well as all of the interest that has piled up. Follow this link to read more https://www.journalofaccountancy.com/news/2020/nov/irs-help-with-tax-debt-during-coronavirus-pandemic.html. 

It might sound insufficient, but it can go up to 20 or more percent of the entire sum. The downsides keep on coming. If you decide that you don't want to pay, then the IRS can come and seize your property and sell it. All the money they get from the sale will go to the government to pay what you owe. This doesn't stop at real estate; it can also impact financial assets and other types of property. 

Are some companies trying to scam you?