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Tax Debt Help – when You Overlook a Tax Deduction

By Jacob Smith Subscribe to RSS | May 18th 2012 | Views:

For those of you who are seeking tax debt help you know that dealing with the IRS can be a little stressful.

Case scenario: Jim owed $10, 000 in tax returns from the previous year. Jim filed his returns, but he wants to amend them because he wants to take advantage of the tax deductions that he failed to notice when he was filing in a hurry. He wants to resolve tax debt honestly, but also wants someone to help him with the deductions that he may have overlooked.

If you are seeking tax debt assistance for similar problems like Jim, then there are things that you may be able to do to manage your problem:

1. You could handle the problem on your own, or you could hire a professional to help you out.

2. You might want to cross check the tax returns that you have submitted and, if you did ignore or overlook some deductions, then you may find it worthwhile to amend your returns.

3. You will want to choose a plan that best fits the financial situation that you are in right now.

You can do-it-yourself

You can get debt help on your own if you owe the IRS an amount less than $10, 000. However, if you owe anything between $10, 000 and $25, 000 in taxes, you may want to get tax council to help you with that matter. You must make sure that your returns are accurate and that you can afford the plan you make for the payment of your returns.

For those of you who owe more than $25, 000 to the IRS, you may need some professional help with IRS debt. In this case, seek help from a tax professional.

Find a tax professional

You can resolve tax debt by finding a professional with proper credentials. The professional you choose must be a Certified Public Accountant, an Enrolled Agent, or a tax attorney because they are the ones who are allowed to work with the IRS. Professionals who offer tax debt assistance may charge an hourly fee, or may simply quote a flat rate for their services. Your tax professional will help you on the various types of paperwork that needs to be filled out in order to get out of debt.

Amending tax returns

If you have not filed your returns, or are late, you may still have a chance, and are still legally entitled, to file for the deductions. By doing this you can actually reduce your tax returns. Again, if you have already filed your taxes and have overlooked the deductions, then you might want to get tax debt help from a professional who can help you amend your returns. The entire process will require a significant amount of paperwork, as well as reprocessing. Since inaccurate amendments can have serious audit issues, the paperwork must be very accurate. The professional must be able to get back a complete set of documents from the IRS in order to compare.

Jacob Smith - About Author:
Jacob Smith is a contributing writer for New Life Tax Relief on tax debt help , resolve tax debt taxes and a senior debt analyst. He writes mostly on tax debt assistance, IRS debt relief.

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