There are many forms of IRS Tax Relief available from the Internal Revenue Service. Here are a few different IRS Tax Relief options that might be able to help you:
Disaster Relief
Many people affected by very bad storms, floods or any other disasters may qualify for IRS disaster relief. The National Disaster Relief Act can help provide a wide range of tax benefits for anyone affected by a known disaster.
The IRS Tax Relief benefits for taxpaying people affected by disaster include:
* Allow taxpayers to claim a deduction for losses accident regardless of income level
* Remove the need for the deduction of net losses victim to be limited.
* Removal of mortgage revenue bond requirements and enabling the binding to be used to assist in the reconstruction of property when necessary.
Debt relief and rescue Foreclosure
There are forms of IRS Tax Relief that are directly related to debt relief and foreclosure relief that pertain to assisting tax payers experiencing financial hardship.
In the event of a short sale where the property was sold for less money than what was outstanding on the mortgage, the lender may sometimes forgive the debt. Although this way your debt is gone, the IRS may view this forgiven debt as taxable income.
You may ask IRS application for tax relief for forgiven debt so that the cancellation of debt is excluded from the amount of your taxable income.
Another form of IRS Tax Relief is when a debt is forgiven through bankruptcy. In this event, the IRS will not include the forgiven debt as taxable income.
Spouse Tax Relief
In some circumstances, it is possible to seek tax relief if you have separated from your former spouse. This is known as Relief by Separation of Liability and you must apply for relief within 2 years to qualify.
Innocent spouse relief is different in that some couples file taxes separately, or they may claim deductions from the other spouse. Sometimes when this happens, one of the partners forgets to file a tax return, which leaves the partner who did file owing more taxes than necessary.
You can request IRS Tax Relief as the innocent spouse if this has happened to you.
It is advised that if you need IRS tax relief, you should talk to a tax professional about your specific circumstances. This can help you determine if you qualify for any form of IRS tax relief designed to help you when you need it most.
Anne Durrel comes from California. She has, combined, over 3 years of experience in IRS. You may want to check out her other guide on
free tax help tips and
irs refund guide.
