Albany Tax Debt Attorney
Responsibilities are something adults will never get away from. It mostly includes finances and bills that inevitably eat up the money we earn. Taxes are one of the responsibilities always taken into account since it is a compulsory financial charge imposed by the government.
Tax debt is an underlying problem when we start earning money, followed by tax implementation. This pertains to any taxes you owe to the Internal Revenue Service (IRS) after filing a deadline. Unpaid tax debt can cause serious penalties and can even put you in jail if not taken action. This is why Defense Tax Partners is ready to assist you when this problem arises.
Even if you filed your tax return before the filing deadline and already paid a partial amount for the bill, the remaining balance will still be considered tax debt. Consider the fact that unpaid taxes always attract a penalty. The IRS can charge you a 0.5% up to 25% penalty on the total tax debt amount. The IRS also charges interest on the total tax debt each month.
The amount of your debt can grow with a significant amount due to penalties and interests. If you offer a reasonable cause for the non-payment of your tax, the IRS may grant a penalty abatement thus may consider reducing the penalties for your late payment.
If you receive a notice from the IRS on your front door, you don’t have to panic. Tax debt can only be scary when you don’t know how to manage it. We, at Defense Tax Partners, provide the already tested knowledge and experiences regarding your tax troubles.
Contact Defense Tax Partners at (312) 964-8355 for a free consultation and get the best service from our skilled Albany tax debt attorneys now.
Understanding Your Debt
Owing the IRS can be caused by underreporting or underpaying your taxes by mistake or on purpose. Whenever you don’t pay the tax balance written on your income tax return fully by the due date, you technically create a tax debt. Paying the full amount of tax debt immediately is the best and cheapest possible way of managing the issue due to penalties and interest accumulation. If you refuse to pay, tax liens are the last appeal to serve as forced payment. You don’t want all your properties to be taken away!
Tax debt can be worrisome. Yet knowing the basics is a good way to make the process of getting through it a little easier. You can contact the IRS at any means. You can do it online, by phone, by mail, or by going to the office.
You should not ignore this problem because the IRS will certainly not. Let us help you understand the implications of tax debts to your finances by contacting us at (312) 964-8355. Our expert Albany, IL tax debt attorneys are always ready to address your concerns.
Why Should I Hire a Professional Tax Debt Attorney?
There are numerous advantages to hiring a tax debt lawyer. A knowledgeable attorney will give you peace of mind by knowing that you are not taking reckless steps that will put you in many more risks.
The following are some of the reasons for hiring a tax debt attorney:
Your debt is $10,000 above.
When you already owe more than $10,000, it is best to hire an attorney to negotiate with the IRS. The tax debt lawyer may help lessen your debts or reduce penalty amounts. Payment plans are also available, and our experienced tax debt attorneys can guide you to have better terms. We can also help you avoid a tax lien, which will further damage your credit.
Your tax debt is $10,000 below.
Even if you have less than $10,000 debt, which can be handled by yourself, you still have to consider hiring a tax debt attorney to help you understand the notice sent to you. Consulting an attorney will give you less worry that it could turn into a bigger issue. You are sure that you are not welcoming unnecessary danger to your personal and financial freedom.
You can minimize the money you will spend.
Not getting professional tax help can be costly. Only a tax debt attorney can provide leverage on specialized knowledge to get the tax relief that you need, not to mention the mental relief that comes with it. In a lot of instances, a reliable lawyer will pave the way for an affordable IRS payment plan and lesser tax penalties.
It will save you time.
Since you are off to spending money on your debts, it is understandable that your time will be taken by anything that will give you more income. If you have professional assistance at your back, the tax debt attorney will take over all necessary communication with the IRS.
Tax Debt Forgiveness
The government offers tax debt forgiveness under certain circumstances. You can have your tax debt partially forgiven. The IRS will look at your present financial condition first when they consider forgiving your tax liability.
If you have enough resources to pay a partial amount, you can apply for the IRS government payment plan known as Offer in Compromise (OIC) for the remaining amount you must pay. When you are accepted, depending on your financial situation, the IRS will significantly reduce the total tax debt that you will pay.
Although it is not easy to qualify, the IRS considers your capability to pay, your income, your expenses, and your asset equity when determining your eligibility for an OIC. These are some common reasons for ineligibility:
1. You didn’t file all the required tax returns.
2. You haven’t made any required estimated tax payment.
3. You are at an open bankruptcy proceeding.
4. You employ people in your business and haven’t submitted all the required tax deposits.
5. You could pay your tax debt as a whole or through an installment agreement or equity in assets.
While this may discourage you from applying for tax debt forgiveness, your particular circumstance is apart from the other, and the help of a tax expert may come in handy.
Securing Stability with Albany Tax Debt Attorneys
Battling with the IRS is a real headache. Not everyone has full knowledge of the law and, more particularly, in taxes. Getting a tax debt lawyer will lessen your burden while aggravating your chances of not drowning with the money you owe from the government.
You cannot let the IRS empty your bank account, lose your properties by force collection, or drain you mentally and emotionally. A professional tax attorney will keep you afloat with all major expenses and protect your rights as a citizen of the state.
Here at Defense Tax Partners, we will understand your case as every individual has a different one. Know that every case has a solution. Together with our income tax debt specialist, we guarantee to give you personal and specialized attention. You don’t have you rely on yourself on scenarios like this.
Ask now, Act now!
Before anything puts you on too much financial trouble, start asking for help now. Our tax debt attorneys have substantial experience and excellent track records in cases like this. We are ready to help your life’s burden become lighter.
Contact Defense Tax Partners at (312) 964-8355 for a free consultation and get the best service from our skilled Albany tax debt attorneys.