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New Survey Highlights Tax Relief Services

Posted By:  |  August 5, 2015  |  0 Comment(s)

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The team at BestDebtCompanys.com (BDC) recently released a new survey about the different types of services Tax Relief companies provides. This survey was created to get a better idea of what types of services people were looking for when it came to their tax debt. The BDC team believes the more we can find out about consumers, the better they will be able to service their needs.

The survey asked 1,000 people the following question about tax relief services: “What is the most important solution offered by a Tax Relief Company?”

Here are the answers and their percentages:

    Currently Not Collectible: 4.4 percent
    Wage and Bank Garnishment: 4.9 percent
    Installment Agreement: 8.9 percent
    Offer in Compromise: 9.8 percent
    IRS Appeals: 11.0 percent
    None of these: 61.0 percent

Respondents overwhelmingly chose “None of these with 61.0 percent.” Of that 61.0 percent, 73.1 percent of respondents were over 65 years of age. It is interesting that the majority of respondents did not think any of the other choices were the most important solutions for tax relief companies. This is especially interesting because the BDC team did not expect this kind of response at all.

One of the most common services people look for in a tax relief company is their ability to provide an offer in compromise as a solution; however, an offer in compromise is not always a viable solution for those facing tax debt. In fact many tax relief companies have an offer in compromise as a possible solutions, but never guarantee to their clients that they can provide this type of solution. Any tax relief company that guarantees an offer in compromise as a solution is a company you should stay away from. Even with all this prior knowledge about an offer in compromise, the BDC team still believed that the majority of respondents would choose it because of its popularity.

In conclusion, the results of this survey lead the BDC team to believe that consumers don’t have a full understanding of the services tax relief companies provide clients. Tax relief companies don’t help you file your taxes; they help you get out of tax debt and out from the scrutiny of the IRS. While they provide many types of services, including an offer in compromise, you are best to go with a company that presents all options to you. If you are experiencing any of these signs, seek out a tax debt relief company.

Poll

  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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