This year, U.S. taxpayers paid an estimated $90 billion more in taxes to the U.S. federal government. While many Americans experienced a tax cut, many more contributed to the $93 billion more than was paid to the IRS in taxes for 2018 as compared to 2017. This increase may also be a result of the Treasury Department processing 1.5 percent more individual returns for 2018 than 2017.
According to recent reports, many U.S. taxpayers did not update their withholdings after the recent passage of the Tax Cuts and Jobs Act. Once the law took effect, the U.S. government warned U.S. taxpayers that they would owe money to the IRSunder the new law while those who received refunds would decrease. As a result, the IRS collected $1.97 trillion in gross collections for 2018, compared to $1.87 from 20187. Also, the IRS refunded approximately $398 billion to taxpayers for 2018, compared to $386 billion for 2017.
For those who were surprised by their tax bills from 2018 and maybe in search of tax resolution options, Platinum Tax Defenders is providing free consultations for those in need of tax relief for the first time. Outlined below are a few of the tax resolution options Platinum Tax Defenders provides its clients. For those unable to afford tax relief services, Platinum Tax Defenders has recently partnered with Lending USA to offer unique 60-month financing options.
Offer in Compromise
An Offer in Compromise deal is one in which the IRS agrees to allow a taxpayer to pay back taxes for less than the original amount owed. Taxpayers will often end up paying the IRS much less than they originally owed if they receive approval for an Offer in Compromise.
With an Installment Agreement, taxpayers can reach an agreement with the IRS to pay monthly payments that are affordable for them. The monthly payment amounts are typically determined based on what the taxpayer can afford after paying for necessary living expenses.
Innocent Spouse Relief
For those who owe back taxes as a result of an error on their spouse’s end, they may qualify for Innocent Spouse Relief. If approved for an Innocent Spouse Relief deal, the IRS will not hold the taxpayer liable for paying back taxes that resulted from a spouse’s wrongdoing.
When individuals owe back taxes, interest, and penalty continue to add up. Platinum Tax Defenders has experience in IRS negotiations that can result in removing some or all of the penalty charges from an individual’s total tax debt. Penalty abatement can be beneficial in significantly reducing an individual’s total debt.
Preventing IRS Collections Actions
If individuals end up owing the IRS more than they can pay and they don’t pay, the IRS can take out collection actions on them. Some collection actions include:
- Bank liens
- Tax levies
- Wage garnishment
Platinum Tax Defenders has experience getting their clients out of IRS collections situations. By negotiating a tax relief deal with the IRS, Platinum Tax Defenders can successfully end bank liens, tax levies, and wage garnishments for their clients.
If this year’s tax bill is more than you can afford to pay, Platinum Tax Defenders recommends seeking out tax resolution help. The team at Platinum Tax Defenders has experience helping businesses and individuals out of all amounts of tax debt.