The deadline for submitting personal tax returns for Fiscal Year (FY) 2022-23 (AY 2023-24) is July 31, and it is only a few days away. Every individual whose gross total income in a particular fiscal year exceeds INR 2,50,000 is required to file a tax return. Other factors (e.g., possessing overseas assets for residents and ordinary residents, etc.) may make return filing necessary regardless of income amount.

Over time, the return preparation and filing procedure has been streamlined and made more technologically advanced. If you have the necessary information and documentation, you can do it online using the income-tax portal. However, mistakes may occur when preparing and filing the return, which may result in penalties.

The tax department's post-processing of income tax returns is being called into doubt.

A short overview of some of the essential features to be aware of (not a complete list) will go a long way toward making the income-tax return filing process easier:

Selecting the Right Return Form - The first and most crucial step in submitting a tax return is selecting the right return form. The form type is determined by a variety of parameters, including residence status, quantity, and sources of income during the year, among others. As a result, it is critical to read the specific instructions for each form type to identify whether the form is appropriate to the individual for the relevant fiscal year. The popular misconception is that ITR-1 is always relevant, which is not necessarily the case. As an illustration,

Best Tax Relief Firms

Tax debt is more frequent than you may believe. More than 10 million Americans were overdue on their taxes by more than $133 billion by the end of 2021.

So, what do you do when you're in debt to the IRS in the five figures? Tax evasion can result in income garnishment and asset seizure, which will hurt your finances and may even throw you deeper into debt. This is why some people seek the assistance of tax Relief firms.

Due to client complaints about misleading promises, exorbitant costs, and sometimes outright fraud, tax relief organizations are commonly believed to be dishonest. While it is true that there are some terrible actors in the tax relief market, there are also some good ones.

There are also several trustworthy tax relief firms with a track record of accomplishment.

To assist you in distinguishing between the two, we've produced a list of the seven best tax relief businesses that offered free consultations had been in business for at least five years., and had no FTC complaints. We then investigated the sorts of services supplied, the company's customer service, client evaluations, price structure, minimum debt levels, and any money-back guarantees.

Final Decision

Precision Tax Relief stood out from the crowd in a variety of ways, earning us the title of best overall. Its cost is a fixed charge that is clearly mentioned upfront, and the firm also has one of the longest money-back guarantees we researched, at 30 days. Customers can also contact corporate personnel by phone, text, email, and live chat.

Are Tax Relief Programs Beneficial?

It all depends on how much you owe, how comfortable you are dealing with the IRS, and how much time you have. Most tax relief organizations will not handle debts under $10,000 since the costs you pay for the service are likely to outweigh any negotiated savings on modest bills. Even if your debt exceeds $10,000, you must consider if the costs are worth having a third party negotiate on your behalf.

How Can I Get My Tax Debt Absolved?

You are unlikely to get a tax obligation completely erased, but you can request an offer in compromise from the IRS.

This is often what you pay a tax relief firm to undertake on your behalf. It implies you're requesting the IRS to decrease your debt because you don't have enough assets to pay it or paying it will cause you excessive economic hardship. Tax relief firms can assist you in putting together the finest argument to win this type of lawsuit.

Is Tax Relief Harmful to Your Credit Score?

Tax debt and the use of a tax relief firm to assist in settling that obligation have no effect on your credit score. Tax debts, as well as liens put on your property as a result of tax obligations, are not reported to the main credit bureaus.

Experian. "Does paying taxes affect my credit score?"

A lien on your property, on the other hand, is a public record, and lenders may discover it that way. Furthermore, borrowing money to settle your tax burden may have an indirect impact on your credit score.

Methodology

We began this investigation by reviewing and ranking 23 tax relief providers based on a variety of parameters. We only considered firms that provided free consultations, had been in business for at least five years and had no FTC complaints.

We then examined the services provided and assessed the company's customer service. We studied consumer evaluations on several websites, taking any applicable certificates or accreditations into account. Finally, we inquired about the price structure, minimum debt levels, and any money-back guarantees offered by the organization.

7 Best Tax Debt Resolution Firms in 2023