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Common Tax Relief Options
There are several tax relief options that individuals and businesses can explore:
- Installment Agreements: These allow taxpayers to pay their tax debt over time, making it easier to manage large sums without incurring penalties.
- Offer in Compromise: This option lets taxpayers settle their tax debt for less than the full amount owed if they can demonstrate inability to pay.
- Penalty Abatement: Taxpayers can apply for a reduction or elimination of penalties if they meet certain criteria, such as first-time abatement or reasonable cause.
- Tax Credits and Deductions: Various credits and deductions can significantly reduce taxable income, such as the Earned Income Tax Credit (EITC) or deductions for education expenses.
According to the IRS, more than 14 million taxpayers are currently in debt to the federal government, highlighting the widespread need for effective tax relief solutions1.