5 Best Tax Relief Companies of 2023

Additionally, our editors do not always review every single company in every industry. The company has also received an A+ rating (the https://kelleysbookkeeping.com/ highest offered) from the BBB. This rating represents the BBB’s opinion of how likely a business is to interact with its customers.

• However, all offers must be fully paid within 24 months of the date the offer is accepted.
• If you’re nervous about working through your tax return in time, online tax software can help guide you through the process, and answer common questions along the way.
• Once we scored each company, we then determined which was the best for different situations.

Successful negotiations result in a settled debt, providing debt relief to the debtor. Debt consolidation loans are financial tools that allow individuals to combine multiple debts, such as credit card balances or personal loans, into a single loan. These loans typically come with a lower interest rate and a fixed repayment term, making debt repayment more manageable. By consolidating debts, borrowers can simplify their financial obligations, reduce the overall interest they pay, and make a single monthly payment, which may be lower than the total of their previous payments.

Missing stimulus payments and other tax software concerns

Also, most tax relief companies will only refund the investigation fee while keeping the significantly higher resolution fee. Some tax relief companies also provide other tax-related services, such as tax preparation services, tax audit representation, and even bookkeeping and accounting services. It’s up to you whether you want to work with a dedicated tax relief company or whether you want the company to handle all of your tax-related issues.

Tax return preparer fraud is among the list of common tax scams. By providing my contact information, I will be contacted by a 20/20 Tax Resolution Inc. representative via email, SMS/MMS text messages and/or phone. By doing so I waive Top Rated Tax Resolution Firm any registration to any state, federal or corporate Do Not Call registry. We notify the tax authorities that you now have professional representation. We take over your case from this point forward so you can get back to work.

Claiming Unrealistic Services

As of February 2023, the IRS still had a backlog of over 1.8 million 2021 returns and late-filed prior-year returns. Her research builds on the deep reporting of Melanie Pinola, who has written extensively about personal finance for sites such as Lifehacker, SmartAsset, and MyBankTracker. She has covered topics including when to hire a tax pro, the biggest deductions you should claim, and what to do to make the audit process less stressful. She’s also one of the 34% of Americans who actually enjoy doing their taxes. Kaitlyn Wells is a senior staff writer covering the intersection of home office, productivity, and technology. Previously, she focused on pets and personal style for Wirecutter.

Fortunately, there’s professional help available for those who are thousands of dollars in debt to the IRS. At Personal Finance Insider, we strive to help smart people make the best decisions with their money. Filing taxes can seem like a frustrating task for many of us and we want to help make the process easier and more affordable. All features, services, support, prices, offers, terms and conditions are subject to change without notice.

Credit, Loans, and Debt

Tax liens remain in place until you pay your tax bill or the statute of limitations on the debt expires. One of the most common IRS penalties is wage garnishment, in which the IRS requires your employer to withhold a portion of your earnings to pay back your debt. The IRS can also issue tax liens, in which it imposes a legal claim against your assets to repay the back taxes you owe. You will then owe that debt amount instead of your original amount.

The best tax relief companies offer assistance with various tax relief programs. Having access to a broader range of programs gives clients a better chance of relieving the most tax debt or finding the absolute best solution to their debt. Good tax relief companies help individuals who are struggling with state tax debt or IRS debt to utilize tax debt relief resources to their full advantage. The best tax relief companies also negotiate with the IRS on their clients’ behalf to reduce or even eliminate their tax debts. Be careful to check for restrictions before you start the process of using free tax software at any of the providers.

Business

Your dedicated tax professional can help you learn which payment plans you may qualify for. Tax relief companies can also negotiate payment plan terms in your favor if you require a certain level of flexibility. An installment agreement is a payment plan offered by the IRS that helps you pay back your taxes in smaller chunks. Most installment agreements provide payment plans on a monthly basis.