best help to those who have not paid the full amount of their taxes

Best Help to Those Who Have Not Paid the Full Amount of Their Taxes

Where does the amount collected from our taxes go?

Taxes are often referred to as the lifeblood of the government, without which, the government cannot function successfully.

● Transport● Education● Health● Law and order● Housing● Culture, media and sport● Trade and industry● Environment, food and rural affairs● Overseas development and defense

What is Fresh Start Initiative and how does it work?

● It is an offer in compromise that allows you to pay some amount of your tax debt.

● The IRS approves this only when the amount offered is the most they can expect to collect from you within a certain period of time.

● It is then important to know that this program is not for everyone.

Who are qualified?

● Those who have been unemployed for a minimum of 30 consecutive days during 2011 or before April 15 2012.

● Married couples who file jointly need to have only one spouse who meets the qualifications.

● Self-employed individuals need to show at least a 25 percent drop in their net income.

● Taxpayers who do not earn more than $200,000 per year for married couples or $100,000 per year for individuals.

● Taxpayers whose tax balance was not more than $50,000 at the end of 2011.

Just be reminded that you must file Form 1127A, which is not available electronically.

For more information about the Fresh Start Initiative process, visit fsi-diy.com!