Who Qualifies for Tax Forgiveness?

worried man in front of computer

In 2017, around 858,000 American taxpayers had pending tax payments to the IRS. If you owe the tax debt, you may be wondering if there is any chance of forgiveness. The good news is that there are a few ways that you may be able to eliminate your tax debt. Our Tampa tax debt relief attorneys explain what you need to qualify for tax debt forgiveness.

IRS Tax Forgiveness Program

The IRS Tax Forgiveness Program is a government-sponsored initiative that allows qualifying taxpayers to have their tax debt forgiven. To qualify for tax forgiveness, taxpayers must meet certain criteria and agree to follow the program's guidelines.

Who Qualifies for Tax Forgiveness?

The IRS will analyze various factors of your situation to determine if you qualify for tax forgiveness. Below we have put together what the IRS will consider determining your eligibility:

  • Income: The IRS will ask you to disclose all of your income, including taxable sources, non-taxable (disability or child support), and even side jobs. The IRS will analyze your income to determine your ability to pay your tax debt. If they determine that you don’t have sufficient income to pay off tax debt, you may qualify for tax forgiveness.

  • Expenses: The IRS will also analyze your expenses. They will determine how much can be deducted from your total income for things like health care, transportation, household items (like food, clothing, etc.), and other living expenses.

  • Outcome: The IRS will then deduct the expenses from your total income to determine how much disposable income is left. If they determine that you only have enough income to support yourself and pay for living expenses, you may qualify for tax forgiveness.

If you qualify for tax forgiveness, there are various avenues you can take to eliminate tax debt. To learn more about your options, get in touch with our Tampa tax debt relief lawyers today at (813) 295-7648!

Related Posts
  • Top 10 Strategies to Successfully Negotiate Tax Debt Relief with the IRS Read More
  • What Is Innocent Spouse Relief and How Can it Help? Read More
  • Tips to Maximize Your Refund & Reduce Your Tax Obligation Read More