The IRS estimated that 8.2 million Americans owed over $83 billion in back taxes in 2009. Working with the IRS is complicated— that’s why hiring a trusted tax relief company that offers upfront pricing and comprehensive services is a good idea. To help you find assistance, our partners at ConsumerAffairs researched the best tax relief companies in Waco.
First of all, most tax debt relief companies only help customers who have at least $10,000 in tax debt. This type of debt usually builds up as a result of back taxes from previous years.
If you did not pay your taxes within the last ten years, the IRS might ask you to pay the taxes you owed during that time. You will be charged a 0.5% penalty each month you’re late, up to 25% of your debt, plus additional interest on the debt itself. So, back taxes can add up quickly and make many consumers need tax relief in Waco.
If it’s your first time missing your taxes, a tax debt relief company is able to reduce your costs through penalty abatement. To be eligible for penalty abatement, you have to have a reasonable cause for missing payment, such as death, divorce or natural disaster.
No matter the reason for your debt, the IRS expects you to pay your taxes. However, tax debt relief companies work with the IRS on your behalf to get them to accept a smaller amount, usually in an installment agreement. If you’re unable to keep up with your current installment plan, tax debt relief companies negotiate smaller monthly payments on your part.
There is also an offer in compromise program from the IRS that allows you to settle your debt for less than you owe. Your tax debt relief company can help you set this up, but the IRS only settles when they don’t ever expect to get the full debt repaid.
Taxpayers in Waco can do most of the negotiations themselves with a lower chance at success if they prefer, but tax debt relief programs can be complicated and overwhelming. By hiring a tax debt relief company, you get results faster and lower your debt more than you could on your own.
How much does tax relief cost in Waco?
How much you pay for tax resolution in Waco depends on your total debt and the complexity of your case. Tax debt relief companies structure their fees in three ways:
Hourly ($200-$550 per hour)
Flat fee ($3,500-$4,500)
On average, it takes two to six months to resolve most tax cases. If the IRS denies your case, it may take another three to nine months for an appeal.
There is also an initial investigation fee charged by tax resolution companies, which ranges between $250-$500 and covers the cost of planning your debt relief strategy and assessing how much you own. After this fee, the company outlines your plan of attack and how much it will cost.
Depending on the company, the overall price may be nonrefundable whether or not you settle your debt with the IRS. Because of this, there are many scams in the industry where companies take your money without doing any work. To protect yourself, be diligent finding a tax debt relief company. Look for positive signs such as:
No full payments required before service
Use this knowledge to go out and find trusted tax relief in Waco.
A 100% money-back guarantee backs all of this company's tax relief services. With over 30 years of experience, its extensive expertise and customer base makes it a trusted name in Waco. Reviewers say that Anthem’s services are personalized and specialized, with one even saying he felt treated like family.
With over $600 million in tax debt resolved, Community Tax Relief has a proven track record backed by positive reviews. Customers highlight Community Tax Relief’s communication and expertise, which comes from the company’s dedication to hiring experts, such as certified public accountants and tax attorneys.
Since 2005, Larson Tax Relief has helped over 15,000 clients settle their tax debt. Larson offers clear guidance and reviews; for example, on its website, Larson shows results from real clients so you can see the work its experts have accomplished. Reviewers say that Larson makes tax relief easy and affordable.
Experienced tax lawyers at J. David Tax Law work with tax debts of more than $10,000. This firm can customize solutions to your unpaid taxes, unfiled taxes, tax liens, tax audits, bank levies and wage garnishments. Their quick application process makes it easy to see if you qualify.
Unlike some companies, Victory Tax Lawyers hires attorneys with tax experience. In fact, Victory only hires lawyers with at least five years in the field and specializes in tax controversy of all types. With excellent reviews highlighting its expertise and accountability, this company is a great option for tax debt relief in Waco.
Fortress Financial tax attorneys are experts in back taxes relief. Lawyers with tax debt experience personally handle each case from start to finish. Based in Oregon, Fortress Financial helps clients from any state. Local CPAs and lawyers may not be specialists in tax resolution services, but Fortress Financial is and has been solving tax problems since 2003.
Instant Tax Solutions has over ten years of experience in tax relief. The company’s transparency makes them stand out — online, clients can see how much they can save through the company’s programs. Its customers give high praise for its results-driven approach that helps save clients an average of over $13,000.
Attorney's Tax Relief
These tax attorneys based in Chicago serve clients nationwide. Attorneys Tax Relief boasts the highest Offer in Compromise acceptance rate and free consultations. The company helps individuals and businesses facing an IRS investigation and promises aggressive defense no matter what state a client is in.
The Tax Resolvers is a BBB-accredited tax relief company that works with tax attorneys, arbitrators and accounting experts to manage your IRS debt. This company also offers tax consulting, tax preparation and tax settlement. Online reviews are positive, and customers appreciate the help they received through The Tax Resolvers.