Best Tax Relief in Missoula, MT

What is tax relief?

Anyone in Missoula who underreports earnings or underpays taxes will find themselves owing back taxes. The IRS has 10 years to pursue this debt, during which time it continually adds interest and penalties to the total. In most cases, not even bankruptcy can help people escape tax debt.

The IRS has created multiple programs to help people with tax debt, but many people don’t have the knowledge, time or experience to navigate these programs effectively. Luckily, people with tax debt can get help from a qualified Missoula tax relief company that helps them negotiate with the IRS to settle or reduce what they owe.

Almost all tax relief companies in Missoula work with individuals who have a minimum of $10,000 in tax debt, but some companies only take cases with over $20,000 in back taxes. If you qualify to work with a tax relief company, your tax accountant will guide you through any relevant IRS tax resolution programs like:

• Payment plans, which are an agreement to pay back taxes in installments rather than in one lump sum
• Interest or penalty abatement, which helps people who haven’t paid because of a hardship avoid punitive charges
• IRS offers in compromise, which let you pay off your debt for less than you originally owed

An offer in compromise assists taxpayers who can’t afford to pay their entire tax liability. Before giving an OIC, the IRS considers factors such as your:

• Ability to pay
• Expenses
• Income
• Asset equity

Generally, the IRS doesn’t grant settlements unless it believes it will never get the full amount anyway.

Check with the State of Montana to find more information about state tax debt relief programs and see if you qualify.

How much does tax relief cost?

The cost of tax relief in Missoula varies depending on many factors, including your amount of tax debt and which tax relief company you hire. Many companies in Missoula offer free consultations. Fees can be as little as $500 for penalty abatement all the way up to $10,000 for an offer in compromise.

Some factors that affect the cost of tax debt relief in Missoula include:

• The amount you owe
• The complexity of your case
• Whether the tax relief company charges a flat fee, a percentage of your debt, a timed rate or an upfront fee

How long does tax relief take?

Companies offering tax resolution in Missoula like to work quickly to resolve your tax debt. Generally, they resolve cases within six months; however, the complexity of your case ultimately dictates the duration. Complex cases with debts $50,000 and over or complicated components take longer. Simpler cases, like tax penalty abatement, take less time.

Tax relief scams

When you’re already concerned about taxes and money, you shouldn’t have to also worry about being scammed. Unfortunately, tax relief scams in Missoula are common.

It’s essential to look closely at a debt relief company’s credentials before paying them anything or signing a contract. Qualifications to look for include:

• Tax attorneys licensed with the State Bar of Montana
• Certified Public Accountants
• Enrolled agents (federally authorized tax practitioners)

According to the Federal Trade Commission, look closely for these red flags when comparing tax relief companies:

• Exaggerated claims, such as promises of wiping out all tax debt
• Vague or inaccurate information on how long it takes to process a tax debt relief application
• Excluding necessary information from your application or filing an application without your consent
• Taking funds out of your accounts without your knowledge

Report any questionable business practices to the FTC.