The deadline for submitting personal tax returns for Fiscal Year (FY) 2022-23 (AY 2023-24) is July 31, and it is only a few days away. Every individual whose gross total income in a particular fiscal year exceeds INR 2,50,000 is required to file a tax return. Other factors (e.g., possessing overseas assets for residents and ordinary residents, etc.) may make return filing necessary regardless of income amount.
Over time, the return preparation and filing procedure has been streamlined and made more technologically advanced. If you have the necessary information and documentation, you can do it online using the income-tax portal. However, mistakes may occur when preparing and filing the return, which may result in penalties.
The tax department's post-processing of income tax returns is being called
into doubt.
A short overview of some of the essential features to be aware of (not a
complete list) will go a long way toward making the income-tax return filing
process easier:
Selecting the Right Return Form - The first and most crucial step in submitting a tax return is selecting the right return form. The form type is determined by a variety of parameters, including residence status, quantity, and sources of income during the year, among others. As a result, it is critical to read the specific instructions for each form type to identify whether the form is appropriate to the individual for the relevant fiscal year. The popular misconception is that ITR-1 is always relevant, which is not necessarily the case. As an illustration,
Best Tax Relief Firms
Tax debt is more frequent than you may believe. More than 10 million
Americans were overdue on their taxes by more than $133 billion by the end
of 2021.
So, what do you do when you're in debt to the IRS in the five figures? Tax evasion can result in income garnishment and asset seizure, which will hurt your finances and may even throw you deeper into debt. This is why some people seek the assistance of tax relief firms.
Due to client complaints about misleading promises, exorbitant costs, and sometimes outright fraud, tax relief organizations are commonly believed to be dishonest. While it is true that there are some terrible actors in the tax relief market, there are also some good ones.
There are also several trustworthy tax relief firms with a track record of accomplishment.
To assist you in distinguishing between the two, we've produced a list of the seven best tax relief businesses that offered free consultations had been in business for at least five years., and had no FTC complaints. We then investigated the sorts of services supplied, the company's customer service, client evaluations, price structure, minimum debt levels, and any money-back guarantees.
Final Decision
Precision Tax Relief stood out from the crowd in a variety of ways, earning
us the title of best overall. Its cost is a fixed charge that is clearly
mentioned upfront, and the firm also has one of the longest money-back
guarantees we researched, at 30 days. Customers can also contact corporate
personnel by phone, text, email, and live chat.
Are Tax Relief Programs Beneficial?
It all depends on how much you owe, how comfortable you are dealing with the
IRS, and how much time you have. Most tax relief organizations will not handle
debts under $10,000 since the costs you pay for the service are likely to
outweigh any negotiated savings on modest bills. Even if your debt exceeds
$10,000, you must consider if the costs are worth having a third party
negotiate on your behalf.
How Can I Get My Tax Debt Absolved?
You are unlikely to get a tax obligation completely erased, but you can request an offer in compromise from the IRS.
This is often what you pay a tax relief firm to undertake on your behalf. It implies you're requesting the IRS to decrease your debt because you don't have enough assets to pay it or paying it will cause you excessive economic hardship. Tax relief firms can assist you in putting together the finest argument to win this type of lawsuit.
Is Tax Relief Harmful to Your Credit Score?
Tax debt and the use of a tax relief firm to assist in settling that
obligation have no effect on your credit score. Tax debts, as well as liens
put on your property as a result of tax obligations, are not reported to the
main credit bureaus.
Experian. "Does paying taxes affect my credit score?"
A lien on your property, on the other hand, is a public record, and lenders may discover it that way. Furthermore, borrowing money to settle your tax burden may have an indirect impact on your credit score.
Methodology
We began this investigation by reviewing and ranking 23 tax relief providers
based on a variety of parameters. We only considered firms that provided free
consultations, had been in business for at least five years, and had no FTC
complaints.
We then examined the services provided and assessed the company's customer service. We studied consumer evaluations on several websites, taking any applicable certificates or accreditations into account. Finally, we inquired about the price structure, minimum debt levels, and any money-back guarantees offered by the organization.
7 Best Tax Debt Resolution Firms in 2023
Given that there are two absolutes in life, one of which is death,
discussing the other seems relatively lighter. Just because everyone has to
pay their taxes doesn't imply it's always pleasant or simple. Whether your
payment plan is centered on state taxes, federal taxes, or even individual
or corporate taxes, enlisting the assistance of a tax expert or tax relief
program may be quite beneficial.
What Is a Tax Resolution Firm?
Tax resolution or tax debt relief firms are meant to assist you in producing
the smallest amount of tax debt possible by examining your returns to ensure
you are accountable for the back taxes you are being charged. These firms
hire tax preparers and tax attorneys who specialize in tax resolution.
This is a catch-all word for services that help taxpayers with IRS difficulties including wage garnishment, community tax, or minimum debt obligations.
7 Best Tax Debt Resolution Firms
Dealing with the IRS on your own might be stressful if you have gotten
yourself into trouble. However, there are tax resolution firms that may
assist you with your specific case. Here are seven excellent tax debt relief
firms to consider:
- Community Tax
- Fortress Tax Relief
- Anthem Tax Services
- Larson Tax Relief
- Accuracy Tax
- Defense Advocates
- Tax Relief Advocates
Anthem Tax Services, Inc.
Anthem Tax Services is accredited by both the National Association of Tax Professionals and the National Association of Enrolled Agents. They charge a fixed cost that varies depending on the situation. The organization provides a money-back guarantee, repaying any expenses you pay them if they fail to change your IRS tax payback plan.
Local Government Tax
Community Tax provides tax debt relief and is both Better Business Bureau and IRS-approved. It also provides a 14-day money-back guarantee and focuses on the following topics:
- Assistance with tax liens
- Putting an end to income garnishment
- Protection against IRS audits
- Keeping tax penalties and interest to a minimum
- Payroll tax negotiations
- Tax reprieves
- Preventing levies and seizures
- Tax counseling tailored to your needs
Tax Relief for Fortress
Fortress Tax Relief provides several IRS tax debt settlement options and is ideal for instances involving substantial amounts of tax debt. If you contact, Fortress will provide you with a free consultation. Furthermore, while not being certified by a national tax association, it has a strong BBB rating.
Exact Tax Relief
Precision Tax Relief is a member of the American Society of Tax Problem Solvers and charges a fixed price. It has assisted hundreds of individuals through the IRS offer compromise program and does not charge any hidden costs.
Network for Tax Defense
The American Institute of CPAs, the American Society of Tax Problem Solvers, the National Association of Tax Professionals, and the National Association of Enrolled Agents all recognize the Tax Defense Network. Although the rates vary, it provides a wide range of personal tax relief services at both the state and federal levels.
Advocates for Tax Relief
Tax Resolution Advocates has tax resolution professionals on staff to assist you in developing a customized approach to ensure that you only pay the tax balance you owe and not more than you can afford. Here are some of the areas in which our firm may help you acquire a tax resolution:
- Audits of tax returns
- Getting rid of your tax debt
- Avoiding bank levies
- Putting an end to income garnishments