When taxpayers are experiencing debt issues with the IRS related to audits, garnished wages, and tax liens, they will inevitably encounter the terms “tax relief” and “tax resolution.” Both terms are often used interchangeably. However, they have different meanings. Knowing the meaning of the two terms will help taxpayers make the right decision and find the right professional.
World Tax and Accounting offers Tax resolution Services, as well as Tax relief assistance, customized for each individual’s Tax reality.
What Is Tax Relief?
Tax relief can be defined as initiatives, benefits, or efforts that minimize the burden created for a taxpayer by the IRS or a state tax authority. Tax relief is usually pursued in order to render a tax liability more manageable or facilitate enforcement efforts for taxpayers.
Typical IRS tax relief options include:
- Penalty abatement
- Interest Reduction
- Offer in Compromise (Compromise on Tax Liability for Less Than Full Amount)
- Temporary hardship status (Currently Not Collectible)
- Installment Agreements
- Innocent Spouse Relief
It is result-oriented, and the objective of tax relief is to reduce liability, defer payment, or waive some taxes.
Want to learn more about reducing your tax penalties? Check out our article: How Can You Qualify for IRS Penalty Abatement?
What Is Tax Resolution?
Tax Resolution is the way of resolving tax issues from start to end. It includes evaluating the issue, communicating with the IRS, filing any unfiled returns, representing you, and getting a formal agreement.
Tax Resolution Services will generally include:
- Analysis of IRS Accounts.
- Filing back taxes
- Response to IRS Notices.
- Representation during Audits.
- Negotiation of Payments & Settlements.
- Stopping Wage Garnishment & Levy Actions.
- Resolution of Tax Liens.
In short we can say the Tax Resolution is your Strategy & Plan of Action for dealing with a tax situation; Tax Relief is usually the outcome of that process.
How Tax Relief and Tax Resolution Work Together
Usually, you can’t get tax relief without sorting out your tax issues first. The IRS won’t give you a break unless you have filed all your tax returns, your financial info should be correct, you need to talk to the IRS in the right way, and negotiations should be handled well.
That’s why you have to understand that the help with tax resolution is so important. Once you have taken care of these steps, you can explore tax relief options with the IRS.
Need to Understand About Professional Help
The IRS has strict rules, and deadlines, and wants everything documented just right. Trying to get tax relief on your own can cause problems like delays or owing even more money.
Professional Tax resolution services ensure:
- Accurate filings
- Make deals with the IRS
- Get all the paperwork in order
- Follow the tax laws
- Get you tax relief sooner
When you get help from a tax professional, you can relax knowing your taxes are being handled the right way.
How World Tax and Accounting Can Help?
World Tax and Accounting specializes in guiding individuals and businesses through complex IRS challenges. From penalty relief to comprehensive IRS negotiations. Our expert team provides best Tax resolution services and personalized Tax relief help to protect your income and financial future.
Our professional team has the ability to handle all the IRS negotiations and communication, so here you don’t need to take any stress.
Curious about settling your tax debt for less? Read: How Can You Qualify for an Offer in Compromise?
Ready to Connect with Us to Resolve Your Issues?
If you are facing problems with IRS debt, penalties, or collection actions? You don’t need to face the IRS alone. We are here with you to resolve your issues with the IRS.
You can visit World Tax and Accounting today and contact us for professional Tax resolution services, expert Tax relief help, and proven IRS tax relief solutions. We will provide you with the best services in this regard, because our services are designed to restore your financial stability and peace of mind.