Tax Debt – Tax Debt Advisors

If you are curious about the qualifications for the IRS Fresh Start Program and if you qualify, this post should help!

The IRS fresh start program qualifications include:

You must have been unemployed for 30 consecutive days in 2011 or before April 15, 2012
Married couples filing together must have at least one partner who qualifies for the Fresh Start program
Your tax balance must be less than $50,000 at the end of 2011
If you are self-employed you must show a decrease of 25% or more in net income
Married couples must not have earned over $200,000 or individuals must not have earned over $100,000 for the year
According to IRS.gov taxpayers must use Form 1127, Application for Extension of Time for Payment of Tax Due to Undue Hardship

Benefits of the Fresh Start Program

According to H&R Block these are three of the most important benefits of the fresh start program:

In most cases tax liens will only be issued if the amount exceeds $10,000.
Individuals are able to spread out $50,000 or less with direct installment payments over 6 years (72 months).
Taxpayers have expanded flexibility with Offer in Compromise (OIC) to determine a tax payer’s ability to pay.

Need help with wiping out your old tax debt? Tax Debt Advisors has helped resolve over 108,000 debts. Receive a tax debt consultation today by giving Scott a call today at 480-926-9300. Tax Debt Advisors can help negotiate an offer in compromise on your behalf to finally settle your tax debt.