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Tax relief is a program that systematically reduces the amount of taxes an individual or company owes to someone else. For many people, that someone else is the United States government via the Internal Revenue Service (IRS). The goal is to eliminate tax debts efficiently.
While tax relief is an ideal resolution, it is easier said than done. The U.S. tax code is complicated and rife with jargon, and it can further stress you out when you’re already feeling overwhelmed about your finances. That’s why we recommend that you hire a tax-relief lawyer to guide you every step of the way.
A professional tax-relief lawyer will help you navigate the complexities of the tax system and map out options for managing your debts. When you find yourself unable to pay your full tax balance on time, consider these four common strategies:
According to the government, “a payment plan is an agreement with the IRS to pay the taxes you owe with an extended timeframe. You should request a payment plan if you believe you will be able to pay your taxes in full within the extended time frame.” In short, negotiating a repayment plan allows people to make incremental payments to meet their balance in full.
The plans come in two different forms: a long-term and a short-term form. People who have debts that they are 120+ days past due may qualify for the long-term approach – as long as their total tax debt, including penalties and fees, is less than $50,000.
The second option is the inverse. People who have debts that are less than 120 late with a total balance of as much as $100,000 may qualify for a short-term repayment plan. If you want more information about whether you are eligible, check out the IRS website.
A tax-relief lawyer can also help you negotiate a tax settlement that caters to your needs and preferences as much as possible. In some cases, having a savvy lawyer on your side may even translate to you paying less than you owe. Negotiating a settlement with the IRS is the best option for people who cannot pay off the debt entirely or are enduring financial hardship.
The tax relief lawyer will work with the IRS based on a combination of factors. That includes, but is not limited to, your income, expenses, assets, and overall ability to pay. Find out more about IRS settlements here.
The best-case outcome for your unpaid or unfiled tax returns is relief from paying penalties and interest. In limited cases, the IRS will forgive the penalties and interest on your tax bill if you meet specific circumstances. Of course, you will still have to pay the tax bill, but it can make a big difference in the total due.
Lawyers work tirelessly to present your case to the IRS and make sure you get relief. If you have not had a penalty or other issues with the IRS in the last three years, you’re in a better bargaining position.
Another way to pay your tax bill is by taking out a personal loan. If this option is viable for you, double-check to the terms and conditions you qualify for and ensure that it is less than what you would pay through an IRS payment plan.
Putting off dealing with your IRS tax bill is the worst thing to do. Debts, fees, and interest will accumulate more and more the longer you leave them unpaid. It is in your best interest to address the problems as soon as possible.
Having a professional tax relief lawyer on your side can make taking infinitely easier. They will be there to ensure that your needs get represented and guide you in developing a plan of attack for your tax-debt repayment. They’ll get you moving toward a solution quickly.
We understand that reaching out to the IRS can be overwhelming. We also know that it can seem counterintuitive to start a dialogue to admit that you have unfiled or unpaid taxes. Fortunately, our team of tax lawyers can make this experience smooth and straightforward.
Call the friendly tax specialists at Tax Shark by dialing (512) 710-2022 or by clicking the button below to start your relief today.