Seeking for the best IRS tax debt relief is very important. Tax Debt can put your bank accounts, assets, and paychecks at jeopardy. Once the IRS collection process starts, the clock begins to tick and the agency begins to look for ways to collect what is owed. If you do not want your wages garnished, your assets froze, your bank wiped out clean then you must take immediate action to resolve your tax debts.
- If you owe back taxes to the IRS or a state government
- If your salary is being garnished
- If you need help to face a tax lien
- If you have tax penalties on your credit report and you want to resolve or negotiate
Common Consequence of Not Paying Your Taxes
If you do not pay your taxes, even if you file an extension, you will still be hooked by the application of additional interest on your tax debt. You may also be subject to severe penalties that can increase your total tax debt by up to 25 percent. However, a tax lawyer can help you reduce and minimize what you owe.
Comprehensive IRS Tax Debt Relief Plans
There are no two equal tax situations, so it is not surprising that there is a range of solutions (detailed below) that you can use to solve your problems. Depending on your income, employment status and nature of your debt, you will want to use a certain solution or combination of solutions. Fortunately, you do not have to solve it on your own. You can get the help of a tax lawyer to go through a comprehensive tax debt relief plan:
- Review your financials and talk about the problems you have with your taxes.
- Taylor fit the solutions you need to minimize fines and interest while helping you settle your debts as quickly as possible.
- Installment agreements (IA): a tax payment plan
- Build a tax repayment plan
If you owe money to the IRS for back taxes, you do not necessarily have to repay everything you owe at once. Learn how you can set up a monthly payment plan with the IRS that allows you to pay your tax debt over time. With the right plan, you can develop a working strategy to pay your tax debt, so you can regain control. A Tax Attorney can even set up partial payments to the IRS in lieu of the full amount.
IRS Tax debt relief Options and Solutions
The IRS usually accepts payment concessions for back taxes. Here are some useful tips for creating payment plans, requesting payments in installments that you can afford, which gives you total through a compromise offer or discharge through the bankruptcy of your tax debt.
Applying for a Payment plan
The structuring of a monthly payment plan with the IRS is pretty straight forward. A tax attorney can establish a payment agreement on a tax payer’s behalf. This is typically accomplished either by phone or by filling out some paperwork. Note: The IRS will always refer to a “monthly payment plan” by calling it a payment agreement.
Here are some tips that will help you save time when applying for a payment plan with the state and IRS:
- Before applying for a payment plan, you must file all your tax returns.
- You must declare all your fixed and liquid assets to the IRS.
- You mustn’t have enough good credit rating to apply for loans that will suffice for the payment of your IRS tax debt.
Do You Need to Repay Everything You Owed?
Depending on how much you owe and your financial situation, it may not be realistic to think that you can repay everything you owe. If you are facing serious problems with the tax debt, then ask a tax lawyer to make an offer in compromise (OIC), could help you settle your debt with the IRS for a small amount so you can resolve your debt for less. Our goal is to set up something you and the IRS can live with.
Qualifying for the Currently Not Collectible (CNC)
If you are facing a difficult financial situation with your tax debt it can put your other financial obligations in a major financial hardship i.e paying your mortgage, rent or just flat out putting food on the table. If you are already facing financial difficulties and are living from paycheck to paycheck, a situation of Currently Not Collectible (CNC) could help you postpone the refund to the IRS until you can pay what you owe. Our experienced tax professionals will help guide you through tax relief options. Call us today don’t wait any longer.