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There are varied limitations on who can receive this tax penalty reprieve, and some of the most common include:
• Those who are self-employed must provide proof of a 25 percent drop in their net income.
• Taxpayers can’t earn more than $200,000 per year for married couples filing jointly or $100,000 for single filers.
• Your tax balance must be below $50,000 at the end of the year to qualify.
There are various other limitations, but a tax professional from Tax Relief Network can guide you through the ins and outs of the process and help you determine which course of action is right for your financial situation.