Hello, my name is Noah Daniels and I am a road agent here at Advanced Tax Relief. Thanks for watching this video clip. Today, I want to talk about three ways you can settle your tax liability and resolve a large tax debt. If you have them, I'm going to attach an article to this presentation that will provide more detailed information for you to read. You can also visit our Facebook page, Advanced Tax Relief LLC, for more information on IRS tax help hours. Please like and follow our page so that you can receive notifications whenever we post something. Additionally, you can visit our website at advancedtaxrelief.com and subscribe to our channel. In the coming weeks, I will be posting some videos that may be helpful for your situation. Our experienced tax attorneys and road agents are capable of resolving tax cases, so feel free to call us. We can help you resolve your case. Now, let's get straight to business and discuss the three ways to resolve your tax debt. Number one is an offer in compromise, also known as a tax settlement or tax forgiveness. In some cases, when you cannot pay your tax debt, the IRS can settle your tax debt for less than the amount that you owe. We have had numerous cases where clients owed significant amounts, but were able to settle for a fraction of the original debt. Number two is an installment agreement, which allows you to pay off your tax debt in regular installment payments instead of paying the entire debt at once. This option may work well for taxpayers who cannot afford to pay the full debt upfront. However, many taxpayers struggle with payment plans they set up on their own because the IRS aims to collect the maximum amount possible to...
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Irs debt after death Form: What You Should Know
You can include the deceased person's deceased spouse when claiming benefits. You may claim up to 5,000 in credit on the final tax return. The surviving spouse or representative can claim a credit for the following purposes: • To reduce a deceased person's income on the deceased person's final tax return; and • To reduce a deceased person's income on the deceased person's final tax return for some other period; and • To qualify for an exception to claim the deceased person's income on the deceased person's final tax return; and You must file the dead person's final return within two years of the date of the person's death — IRS. Claiming a deceased person's Social Security credit This credit is for Social Security benefits the deceased person earned while participating in the Social Security system. The credit is for the person's entire Social Security benefit period. This includes the month in which you begin receiving Social Security benefits. (Note: The month you begin receiving Social Security benefits may not match the month when the deceased person's final tax return was filed. For more information on how the credit is calculated, see Publication 3105 — Social Security and Survivors' Credits .pdf). Claiming a deceased person's Railroad retirement or SSI benefits For tax years prior to January 1, 2016, a deduction of any unused portion of the deceased person's earned retirement or SSI benefits may be claimed. However, no credit will be allowed on the earned benefit period for any period that begins on or after January 1, 2016. A deceased person's survivor may claim a credit for his or her own earned benefits, and the survivor's benefit may be reduced by such credit. A survivor's benefit can be reduced through any combination of the following: (1) Paying a surviving spouse or dependent a lower benefit than you did; (2) Repayment of a spouse or dependent before age 63 on your own; (3) Not giving your spouse a higher benefit than you did. The credit may be claimed for the period when the survivor began receiving Social Security benefits — IRS. How to file a tax return for a deceased person who died due to an arrest or medical emergency — Internal Revenue Service If you are the deceased person's estate and an emergency involving medical care or arrest of the person occurs, you must file the individual's final tax return to claim the deceased person's Social Security taxes, pension benefits and any other related benefits.
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