The IRS Has Released New Provisions For Those Struggling With Tax Debt.
In 2022, you have the ability to reduce your Tax Debt for as much as 90% of the amount owed. There of course are some requirements before you can qualify for a program like this. In this article we will walk you through how to qualify for the IRS Fresh Start Program, and of course be available to you to guide you through the entire process.
What Is the IRS Fresh Start Program?
During these challenging times, he IRS established the Fresh Start Program. The purpose of this program is to help people who struggle with Tax Debt and need help to clear their debt once and for all. The program enables those with Tax Debt to set up a payment plan all while reducing the overall amount owed.
How Does the Fresh Start Program Work?
There are several options available to help you fulfill your tax obligation.
- The IRS may change the calculation used to estimate your future income.
- The IRS can allow you to pay your student loans.
- The IRS may let you pay overdue state and local taxes.
- The IRS takes into account reasonable expenses needed for everyday life.
They may also increase your Allowable Living Expense allowance category and its amount.
Who Qualifies for the Fresh Start Program?
To qualify, you must show proof of unemployment for 30 consecutive days. These 30 days may have occurred in the prior tax year or before the April deadline. If you’re self-employed, you must document a 25% decrease in business income in the prior tax year.
The Fresh Start program is not an option if married taxpayers who file jointly make more than $200,000 per year. Individuals who earn over $100,000 annually also don’t qualify.
How Can You Get Access to the Fresh Start Program?
In order to apply for the Fresh Start program, we suggest you reach out to us at Fidelity Tax Relief. Here’s why… Dealing with the IRS is an extremely difficult process. Saying the wrong thing, or taking a case on yourself can be detrimental if not done correctly. Our Tax Compliance Experts know how to deal with the IRS and how to negotiate on your behalf for the lowest settlement possible. If you are being Garnished or Levied, we have mastered the craft of protecting your assets immediately. That’s where having dealt with the IRS for over 20 years and thousands of successful cases comes in handy.
In fact, guarantee that you will pay the absolute minimum amount.