Tax debt to the IRS is no laughing matter. You must handle your unpaid tax debt to avoid incurring heavy fines. The good news is that there might be things you can do to lessen your debt. Knowing your options, however, can be challenging due to the complexity of tax regulations. Thankfully, you can get help from a tax debt attorney. Here are the top justifications for hiring a tax debt attorney right now.
They Deal with Your Outstanding Tax Debt Easily
Our tax debt attorney knows your legal rights and the settlement options that may be available to you to lower your overall debt. Also, we’ll bargain on your behalf. We can make your contract’s terms more straightforward and ensure you pay over a shorter period. You may qualify for an Offer in Compromise, a partial settlement of your entire tax liability. You could also be eligible for an installment agreement, which would let you pay off your debt over time.
They Protect Your Income, Bank Accounts, And Property.
The IRS has several tools at its disposal to recover unpaid taxes. A standard technique is a bank account levy, which tells the bank to take money directly from your account. The IRS may also seize a portion of your salary before it reaches you through a process known as wage garnishment. To collect your tax debt, the IRS may sometimes encumber your property with liens or even seize your house or other assets.
The IRS will first give you notice and a chance to make payments in any of the scenarios above. Your assets will be at risk if you take no action and disregard all attempts to pay the debt. It is best to deal with your tax debt as soon as possible and hire a tax debt attorney to protect your wages, accounts, and property.
They Give to You Clarity of Mind
Dealing with the IRS bureaucracy and the procedure’s ambiguity is stressful and perplexing. You can work with a tax debt attorney who is familiar with the law and the procedure and can organize your affairs so you can move on with your life rather than having to handle everything alone.
Reduce Fines and Interest Charges.
We can work to address additional unforeseen costs if, despite negotiation, you still owe the IRS money. You might also owe penalties and interest accumulated on your balance, which will only increase over time, in addition to your unpaid tax bill. To eliminate these extra costs, a tax debt attorney familiar with the tax code will look into options like a Penalty Abatement.
Safeguard Your Credit Score
The IRS does not report your tax debt to credit bureaus. The IRS has the right to file a Notice of Federal Tax Lien if you don’t pay your taxes. The debt will then appear on a credit report and become public knowledge. Your credit score could drop because of this. A tax debt attorney can help you avoid this circumstance altogether by entering into a payment agreement or offer in compromise with the IRS. If a lien has already been placed, they can also work to release it.