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By
Angelica Leicht
Edited By
Matt Richardson
April 15, 2024 / 12:12 PM EDT
/ CBS News
If you owe back taxes to the IRS, the right tax relief service may be able to help you pay off what you owe.
Andrew Olifirenko/Getty Images
Today officially marks the end of tax season, so if you haven’t filed your taxes yet, you should do so quickly. Failing to file your taxes on time can result in any number of penalties, and if you aren’t careful, missing the April 15th deadline could cost you a lot of time and money in the long run.
But if you’ve already filed and know that you owe money to the IRS, you may be feeling a mix of stress, anxiety and uncertainty about what to do next. After all, owing back taxes is a heavy burden to bear, and that may be even more true right now, as persistent inflation, high interest rates and other economic issues are impacting many people’s finances.
The good news is, though, that there are options for getting rid of your IRS debt and regaining your financial footing. For example, professional tax relief services can work with the IRS on your behalf to help you find a solution for your back taxes. And while the idea of seeking tax relief can seem daunting, the right service can make a world of difference.
Learn more about the best tax relief options available to you now.
How tax relief can help now.
Here are some of the key ways a tax relief service can assist you in getting out of debt to the IRS:
Tax relief services can negotiate an offer in compromise with the IRS
An offer in compromise (OIC) is an agreement between the taxpayer and the IRS that settles the taxpayer’s tax debt for less than the full amount owed. To qualify for an offer in compromise, you must demonstrate that you don’t have the income, assets or means to pay your full tax liability.
That’s where the right tax relief service can come in handy. As part of the tax relief process, the company’s tax experts will work with you to gather the necessary financial information and documentation. They will then negotiate with the IRS to try and reach a settlement that is affordable for you.
A successful OIC can significantly reduce the amount you owe to the IRS, potentially by thousands or even tens of thousands of dollars. This can provide much-needed financial relief to help you get back on track.
That said, the OIC application process is highly detailed and complex, and the IRS has a strict set of criteria that must be met. Failure to provide accurate and thorough documentation can result in a rejected application,