Best Tax Relief in West Palm Beach, FL

How to get tax debt relief in West Palm Beach

Whether you’re dealing with back taxes or a recent tax bill in West Palm Beach, there are a number of law firms and companies to help you navigate IRS paperwork and find tax resolution.

What results can you expect working with a tax debt relief company? According to the FTC, tax relief companies guide customers through federal tax debt relief programs providing:

• Installment agreements that allow you to pay your tax burden over time. The IRS offers streamlined installment agreements for individuals who are $25,000 to $50,000 in debt.
• Penalty and interest abatement for people who haven’t paid their taxes due to special hardships.
• An offer in compromise, which allows you to permanently settle your tax debt for less than the amount owed. This is an important option for taxpayers facing severe hardships, but IRS officials rarely grant it.

For obvious reasons, the offer in compromise is a highly sought-after tax resolution solution in West Palm Beach, and it’s something many tax relief companies promise their clients. Unfortunately, the IRS rarely settles debts in this manner, accepting less than 10% of all proposals. Be wary of tax debt relief companies who promise to secure one for you.

Before applying for an offer in compromise, the IRS points out a few things to consider:

• The IRS only accepts a settlement if the taxpayer cannot ever afford to pay off the balance of what they owe. An offer in compromise is the last resort for the government to get as much of the debt as they can.
• A taxpayer must file all required tax returns and make an initial payment before applying for their offer in compromise.
• The IRS website provides all the necessary forms and information you need to complete your application.
• The IRS also provides an Offer in Compromise Pre-Qualifier, which people can use to see if they meet the minimum qualifications before applying.

How much does tax relief cost in West Palm Beach?

Tax debt relief usually costs individuals between $3,000 and $6,000, with higher amounts for business tax issues. Check with your company to see if you need to pay upfront or in installments.

This is a heavy price to pay, especially for those who are already struggling with their tax burden, but that’s why most West Palm Beach tax relief firms only work with clients who have a substantial amount of tax debt (usually $10,000 or more). This way, the savings provided offset the substantial cost of the services.

When it comes to choosing a tax debt relief company, look for positive reviews, affordable pricing and realistic claims to avoid scams. Legitimate tax relief companies in West Palm Beach employ either enrolled agents, certified public accountants or tax attorneys to represent your case to the IRS.