Our Premium Selection of Top Tax Relief Companies

Consumer Opinion Guide has formed a list of best rated options to ensure you finding the top tax relief companies. Give yourself the choice of making a well-informed decision when hiring qualified tax professionals that will provide you with adequate representation.

Hello fellow taxpayers! As you know, there are two things a man cannot escape in life – death, and taxes. And if you are facing a mountain of debt owed to the IRS that you can’t pay, you are not alone. The reality is, there are so many people who feel like they’re swimming in a sea of tax-related debt. And, for these folks, the idea of tax relief sounds like a lifeline. Still, before you grab it and hold on like a bulldog, though, doing more in-depth research and asking yourself whether tax debt relief is the right thing for you is always a good idea. In fact, you can start right here on Consumer Opinion Guide, as we will help you make the right decision.

What is tax relief?

Tax relief refers to any government program or policy initiative that reduces the amount of taxes that an individual or a business has to pay. What’s more, it may even result in you claiming back a refund of tax paid, thereby providing you (hopefully!) with a lump sum. Besides reducing the liability of an individual or a business, tax relief may also assist those in need. For instance, victims of natural disasters may be offered special tax relief. Unfortunately, however, tax relief won’t erase your tax obligation. It will, however, make the tax debt you owe more manageable. Hence the “relief” part.

What are the types of tax relief?

An individual or business entity usually receives tax relief through credits, deductions, or exclusions and sometimes by the forgiveness of a tax lien.

• Claiming tax deductions. This is the most common type of tax benefit. If a taxpayer qualifies for a tax deduction, it means the amount of their income that is subject to tax will be lowered. Mortgage interest is the most commonly used federal tax deduction.
• Claiming tax credits. A tax credit is another form of tax relief – one with more tax savings potential than a tax deduction. Rather than merely lowering the amount of income subject to tax, a tax credit provides a dollar-for-dollar reduction in the individual’s total amount of tax owed.
• Tax exclusions. Exclusion tax represents certain types of income that taxpayers don’t have to include in the amount they report as gross income.
• Tax debt forgiveness. If you’re struggling to pay your bills, don’t throw your hands up in the air just yet. The IRS began a program called Fresh Start that helps struggling taxpayers clear up their tax problems.

Do I qualify for tax relief?

Not everyone is eligible for debt relief services in this form. As a matter of fact, many are being rejected by the IRS. You can easily get a good idea if you are qualified to claim relief for federal taxes owed. You can do this by completing the offer in compromise pre-qualifier assessment with the IRS. Qualifying for the OIC program with the IRS means that you are eligible to claim a reduction in your tax burden. The new total may either be broken up into installments or paid in a lump-sum payment. Another way you can find out if you qualify is by working with a tax debt relief company.

What about tax relief companies?

Whether it’s over the radio, television, or the Internet, you’ll see tax relief companies all over the place, vying for your attention. The Federal Trade Commission (FTC) cautions against tax relief companies. As they explain it, for an upfront fee, which can reach thousands of dollars, these companies claim they will be more successful in negotiating with the IRS than if you were to do it on their own and reducing (or even eliminating) your tax debts. In reality, as FTC explains, most taxpayers don’t even qualify for the programs they are trying to sell. In many cases, they don’t even end up sending the required paperwork to the IRS to request participation in the aforementioned programs. And, adding insult to the injury, a number of these companies don’t even provide refunds.

If you prefer to have a third party in your corner, you ought to dig deep to make sure that you’ve hired a reputable and qualified tax professional. FTC warns that there’s only a handful that has the authority to represent you with the IRS. These include enrolled agents, Certified Public Accountants, and attorneys.

Finally, it’s best to meet face-to-face with any tax professional you are thinking of hiring. This way, they’ll be able to explain your options regarding tax relief, as well as the company’s fee structure in-depth before you pay or sign anything.