Over 750 Million Tax Liability Removed from Our Clients
Types of Tax Relief LifeBack Tax
Tax relief refers to anything that reduces the amount of taxes owed by an individual or a business, especially in the case of federal or state income taxes. Tax relief includes reduction of taxes owed for the current tax year, as well as reduction of tax debt owed from prior tax years. Tax exemptions, tax deductions, and tax debt forgiveness are all different sources of tax relief. Each year, the government provides tax relief through various tax breaks, allowing qualifying taxpayers to reduce their tax liability depending on certain financial factors.
Most taxpayers receive tax relief by claiming tax breaks on their tax returns, such as deductions, exemptions, and credits. Tax deductions provide tax relief by reducing a taxpayer's taxable income by a certain amount, based on certain types of expenses. This reduces the amount of income that the government may collect tax on at the highest applicable tax bracket, indirectly reducing the taxpayer's overall tax liability. Tax exemptions also reduce a taxpayer's taxable income, based on the type of income received. On the other hand, tax credits directly a taxpayer's tax liability by a certain amount. The average taxpayer may potentially be unaware of tax breaks which they qualify for, resulting in a lower tax refund or a higher tax liability than otherwise.
In the case of back taxes, tax relief may take the form of tax debt forgiveness. Taxpayers with unpaid federal taxes may choose to negotiate a settlement with the IRS through the Fresh Start program. Depending on their financial situation, taxpayers may qualify for an Offer in Compromise, an agreement in which the taxpayer may settle their debt to the IRS for less than their original liability. The remainder of their tax debt is forgiven as a form of tax relief. Taxpayers who owe state back taxes may be able to similarly negotiate a settlement with their state tax authority, depending on state laws.
If you are currently in need of tax relief for current or past due taxes, we at LifeBack Tax Relief are here to assist. We are well-versed in federal and state tax legislation, and can help you identify any missed tax breaks. We will represent your interests before the IRS or your state's tax authority, and negotiate a fair settlement to ensure that you receive the tax relief that you need.
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