Description

Episode 9:  In this episode, Timalyn discusses tax relief.  She'll discuss what it is and how you can get tax relief.  Most people don't get excited about taxes.  However, if you're listening to this podcast, you're probably trying to avoid tax issues or, unfortunately, you may have one or more right now.  Timalyn will explain how you can find relief from those issues.

If you are new to this podcast, feel free to visit the website and listen to previous episodes.

What Is Tax Relief?

Typically, it's a government program to provide or ease people into a program to forgive or lower back taxes.  During the pandemic, there were various types relief such as stimulus payments and other resources. The IRS also provides tax relief for individuals and businesses.

The Fresh Start Program

This program enables taxpayers to more easily qualify for certain tax relief programs.  Originally, it was difficult for people to identify options for tax relief and/or tax forgiveness.  Timalyn comments that 1 in 50 taxpayers have some type of IRS issue.  The Fresh Start Program reduced the paperwork required to qualify for tax relief. Some of it can even be streamlined by completing it online. 

For example, if you owe $50,000 or less, you don't have to submit financial statements, if you can get the taxes paid within a certain amount of time.

How Much Do You Currently Owe the IRS?

Once you know that amount, what's the amount you can afford to pay?  True tax relief is accomplished in 3 phases:

• Phase 1 – Transcript investigation. This will show you the amount of tax owe, including interest and penalties.  You may also be able to find errors made by the IRS.  If you hire Timalyn, she can assist you in determining if certain reasons for your non-payment may qualify for forgiveness from the IRS. 
• Phase 2 – You need to file any unfiled tax returns. This will include a minimum of the past 3 years.  The IRS also wants you to be current on your quarterly, estimated tax payments.  As an individual wage earner, social security recipient or you receive payments from a pension, your estimated tax payments are actually taken from each paycheck, based on your withholdings.  When you work with Timalyn, she will help to ensure you can make your estimated tax payments, going forward.  She'll show you how to get and to stay compliant with your tax payments. 
• Phase 3 – Resolution. Timalyn refers to this as the negotiation phase.  You've verified how much you owe. You and Timalyn are creating a tax payment plan, including any amount to be forgiven.  Next, she'll help you to compare your cost of living to the national standards for your area.  You may be able to lower your payment amount based on that standard.

The amount of tax relief for which you qualify, depends upon your personal situation.  It will be different from other people.  Each situation is unique.  This is why the above 3 phases are so important.

If you'd like to speak with Timalyn and her team about your specific situation, visit www.BowensTaxSolutions.com .  Penalties, interest and other fees are building.  Don't wait to address your tax issues.

As we conclude Episode 9, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Google Podcasts, Spotify, and many other podcast platforms.  

Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode.

For more information about tax relief options, visit:  https://www.americasfavoriteea.com/ .

If you have any feedback, or suggestions for an upcoming episode topic, please submit it here:  https://www.americasfavoriteea.com/contact.

Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.