Tax season is stressful for a wide variety of reasons, regardless of your income tax bracket. Things escalate further when your calculated financial obligation owed to the Internal Revenue Service (IRS) adds up to be more than you anticipated.
You probably feel stuck if you are unable to pay your tax bill when you file your return. If so, seeking legal assistance may seem like an additional, overwhelming expense. However, you will almost certainly find that is not the reality.
A tax attorney can help you navigate your payment options with the IRS, advocate on your behalf, manage your outstanding debt, and reduce any potential penalties. You deserve to work with someone who understands the intricacies of tax law and can advise you about the course of action most likely to achieve favorable results.
How Could Working With a Tax Attorney Benefit You?
Why not seek the help you need to solve your IRS tax problems by determining a solution that will best address your unique situation? Rather than allowing yourself to become increasingly overwhelmed, consider some “What ifs” of hiring a tax attorney.
1- Establish a Payment Plan
Tax bills do not necessarily need to be paid in one lump sum. Your attorney can communicate on your behalf to establish debt resolution through options such as an installment agreement. This type of arrangement would allow you to pay your bill over time through fair, affordable, monthly payments.
2- Protect Your Assets
One way to handle your tax debt is with an Offer in Compromise (OIC), which allows you to pay less than what you owe on your taxes. This complex process is best handled by an attorney who specializes in tax law since they are familiar with the documentation necessary to support your qualification determination and can negotiate to increase your chances of approval. Additionally, depending on your situation, your tax attorney can work with the IRS to place your account in a “Currently Not Collectible” status to postpone a levy against your property or wage garnishment until you are able to reconcile your bill.
3- Avoid Serious Legal Consequences
You do not want to risk suffering the long-term repercussions of failing to pay your taxes. In addition to potential monetary fines and penalties that further complicate your position, your personal property or freedom could be at stake. A substantial legal strategy formed to better the outcome of your case is imperative when dealing with unaffordable tax liability.
Would one or all of those options remedy your situation? Of course they would! And they are all within your reach. Research your options so you can make the best decision for you and your financial situation if you can’t afford to pay your taxes right now.
If you can not afford to pay your taxes at the moment, contacting a tax attorney is presumably the best decision you could make – not only to protect yourself and your hard-earned property but also to mitigate the risk of prospective challenges. Experienced counsel is equipped to navigate complex legal processes and provide the critical representation, as well as the guidance, you need to achieve the most favorable results.
