If you’re burdened with a substantial tax debt, you’re likely facing financial stress and uncertainty. In moments like these, you might wonder, “Can an IRS tax lawyer lower my tax debt?” At Legal Tax Defense, we’re here to provide answers, guidance, and the professional assistance you need to alleviate your tax debt concerns.
Understanding Tax Debt
Before delving into how an IRS tax lawyer can help lower your tax debt, let’s grasp the concept of tax debt itself. Tax debt occurs when you owe the Internal Revenue Service (IRS) more money than you’ve paid in taxes. This can be due to various reasons, such as:
- Unfiled tax returns
- Underreported income
- Mistakes on tax returns
- Failure to pay taxes owed
Regardless of the cause, tax debt can lead to serious consequences, including:
- Penalties and Interest: The IRS may impose penalties and interest on the unpaid tax amount, significantly increasing your overall debt.
- Wage Garnishment: The IRS can garnish your wages, leaving you with less income to cover your everyday expenses.
- Bank Levy: The IRS can also place a levy on your bank accounts, freezing your assets and making it challenging to access your funds.
Can an IRS Tax Lawyer Lower My Tax Debt?
The answer is yes. An experienced IRS tax lawyer can play a pivotal role in helping you lower your tax debt. Here’s how:
1. Tax Debt Evaluation
The first step in the process involves a comprehensive evaluation of your tax debt situation. An IRS tax lawyer will review your financial records, IRS notices, and any communications you’ve had with the IRS. This thorough assessment is essential in understanding the full scope of your tax debt.
2. Negotiation with the IRS
Once your tax debt has been evaluated, your IRS tax debt attorney will initiate negotiations with the IRS on your behalf. These negotiations can result in various debt relief options, including:
- Offer in Compromise (OIC): An OIC allows you to settle your tax debt for less than the full amount owed. It is a popular option for those who may not have the financial means to pay their full tax debt.
- Installment Agreement: This arrangement allows you to pay your tax debt over a specific period in manageable monthly installments.
- Partial Payment Installment Agreement: If you can’t afford to pay the full amount even through an installment agreement, a partial payment installment agreement may be negotiated.
3. Stop Collection Actions
One of the immediate benefits of enlisting the services of an IRS tax lawyer is that they can put a halt to aggressive collection actions. This includes stopping wage garnishments, bank levies, and property liens, providing you with much-needed financial relief.
4. Legal Expertise
IRS tax lawyers possess in-depth knowledge of tax laws, IRS procedures, and tax codes. They can use this expertise to identify errors or discrepancies in your tax assessment, potentially reducing your tax liability.
5. Customized Tax Strategies
Your IRS tax lawyer will work closely with you to develop a customized tax strategy based on your unique financial situation and goals. This tailored approach ensures that your specific needs are addressed, ultimately lowering your tax debt.
Our IRS Tax Lawyer Can lower Tax Debt
Are you struggling with a substantial tax debt and wondering, “Can an IRS tax lawyer lower my tax debt?” The answer is yes, and Legal Tax Defense can help. Contact us today to discuss your situation and explore the options available to alleviate your tax debt.
Get the Help You Need Today
When facing the weight of a substantial tax debt, you don’t have to do it alone. At Legal Tax Defense, our team of experienced IRS tax lawyers is ready to guide you through the process of lowering your tax debt. We provide the expertise and support necessary to secure a more favorable resolution with the IRS. Don’t let tax debt control your financial future; reach out to us today for a consultation.
