Unless one is hoping for a tax refund, tax season is rarely a thing to be excited about for most people. If you expect tax liability to be more than the amount you could easily afford this year, the matters get even worse. In this case, tax season can be really stressful for many. You may also have come across firms and companies claiming to offer tax relief services in Hidden Hills, CA, and other parts of the states.
At times, the ads of these service providers seem too good to be true, making them look suspicious. So, is it really possible to get tax relief from the IRS? Theoretically, yes. However, it may not be as easy as these tax relief services claimed in Hidden Hills, CA.
Tax Relief Services in Hidden Hills, CA Worth It?
So, the real question arises whether or not these tax relief service companies are really worth it?
The answer to this question may largely depend upon one’s individual financial circumstances. The general rule of thumb is that these services are not worth the fee if the overall tax liability is anywhere below the amount of $10,000.
On the other hand, however, if the tax liability is greater than this generally accepted threshold, then carefully selecting a tax relief service provider may prove to be helpful for you.
Why Are They Not?
At the same time, however, it is also important to understand here that all tax relief service providers are not alike. Hence, there is a need to be sure about the authenticity and experience of the chosen service provider in order to improve your chances of actually getting substantial tax relief from the tax authorities.
It is also worth mentioning here that a number of firms claiming to provide guaranteed relief are simply committing fraud. It is due to the fact that the IRS is very objective in scrutinizing claims for tax relief, and is usually very strict in this regard. Moreover, the exact nature and amount of the claim will always depend upon your actual financial situation.
It is virtually impossible for any agent or a firm to guarantee results without having a full idea about the nature of your financial distress. Such firms often demand an upfront fixed amount of fee with a promise of providing a certain amount of relief. More often than not, these firms would run away as soon as they get a fee from a number of clients.
Why Are Tax Relief Services Beneficial?
On the other hand, it is also true that hiring a genuine tax relief company can be very beneficial for your financial health. An experienced tax relief consultant will usually offer free initial consultation and discuss a range of available options along with the consequences of each option for you. Such firms may also demand a portion of the fee after the initial consultation, but their track record and professionalism is an indicator of their genuineness.
Remember that it is usually very difficult to get rid of all the tax liability and relevant penalties/ interests. At maximum, you may get tax relief up to 50-70% of the overall tax liability owed to the authorities.
Hence, it is also your own duty to weigh this relief against the likely fee and time you are going to expense in order to get this relief. In this way, you will be in a better position to ascertain the worth or otherwise of hiring tax relief services for your individual or business tax liability.
You may also want to get free consultations from a number of service providers in order to better understand your case, and make a more informed decision for yourself.
Zee Maq is a content writer who specializes in writing business and finance content. She has nine years of experience and loves to provide problem-solving content to help people tackle challenges in their everyday lives.