Obama Tax Relief

Debt in this country is slowly getting more and more people down. It seems like doors are closing as options decrease in how to get rid of so much debt. It is partially this money owing to various causes that is dragging the economy of this country downhill. The government has made some changes recently in various programs to help the economy, but what about those people who don’t necessarily have a problem with mortgage, or education or other common troubles? What if it’s the back taxes that are causing the problem? Well, now there is a solution for this.

President-elect Obama looked at people making over $250,000 and said that he would increase their taxes to 39%, including a 20-28% tax hike on capital gains. However, one thing that he also included in his tax plan was to tax all income tax brackets (not just income up to $102,000) to fund the Social Security program.

In filling out the application and making them an offer, be honest about your situation. They can figure out if you are telling the truth or not. Lying is a good way of getting into more trouble down the road. You might hear people bragging about what they got away with, but they may be talking a little too fast. The IRS could still come after them.

Another way to settle your bill is to work out installment arrangements with the IRS.  By doing this, you will be admitting that you owe all of the debt and will agree to pay it monthly.  Now the downside to this method is that the tax bill will continue to incur interest and late fee charges which are charged on a monthly basis.  One thing to note is that the IRS is not known for the low interest rates!

The only way to face the IRS and your tax debt is by taking action.  You must arm yourself with knowledge, documentation and the help of an expert certainly won’t hurt.  With the right case, you can work with the IRS and settle your tax bill.

What’s funny is that Senator Conrad has come under fire for the double standard he’s applying to Obama’s spending.  Back when President Bush was in the White House, Conrad would rail against every single one of his budgets blaming the big deficits on the incompetence of George W.  But now that Obama’s the President, and his spending spree is taking us to new heights in terms of budget deficits and national debt, he’s been largely quiet.

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