When many people receive a letter from the Internal Revenue Service threatening action, they do not know whether they should try to handle this problem on their own or contact a professional. However, the Internal Revenue Service is known for its aggressive attempts to collect a debt. If you do not pay your tax debts, then you can face wage garnishments and bank levies. You may even lose your home.
That is why tax problems are not something you want to deal with on your own. Here are some situations where you will need a qualified attorney on your side:
Your Tax Debt Is Greater Than $10,000
Once your tax debt exceeds $10,000, you can face serious consequences. You do not want to try to handle $10,000 of tax debt on your own. A professional tax attorney may be able to help.
The IRS Has Already Started Pursuing Action
You do not want to wait until the IRS starts taking action to settle your tax problems. However, if the IRS has already started taking action, you definitely should consider hiring an attorney. Your attorney can stop the threatening and embarrassing collection attempts.
You Are Not Able To Pay The Full Amount That You Owe
Many people do not reach out for help because they believe that the only option they have is to pay the full amount that they owe. However, many people have been able to settle their tax debt for much less than they owe. That is why you should contact an attorney in order to discuss your IRS tax debt settlement options.
What Options Do I Have?
Your attorney will be able to discuss the options that you have in detail. If you owe less than $50,000 in taxes, then you may qualify for an installment plan. You will make a monthly payment on your tax debt until you have paid it off. The amount you are required to pay per month is contingent upon your income and total tax debt.
If you cannot pay anything on your taxes, then there is an IRS status known as currently not collectable. You will not have to pay anything on your taxes for 24 months for this option. An offer in compromise is another option that you have. If you get an offer in compromise, then you will be able to settle your tax debt by paying less than what you owe.
Keep in mind that bankruptcy is an option that you have. In some cases, tax debt may be discharged in bankruptcy. However, there are several things you have to consider before filing for bankruptcy. Bankruptcy stays on your credit report for several years. During this time, getting a loan or credit card may be extremely difficult. Furthermore, you may lose your assets in bankruptcy.
Bankruptcy can be complicated, but for some people, it is the only option that you have. If you choose to file for bankruptcy, then your attorney can assist you.
The earlier you contact your attorney, the better. Your attorney can help you select the best option.
Why You Should Contact Our Law Firm
There is no need for you to continue to let tax problems overtake you. Settling them may be a lot easier than you think. You should contact our firm if you are having tax problems. Attonrey Mary King will review your case and help you select the option that is right for you.
Many other firms will simply shuffle through a lot of paperwork without providing any assistance to the client. However, Mary King will be there to help you every step of the way. Mary is an experienced tax lawyer that fully understands that tax problems are a significant source of stress on individuals, businesses and familes.
We have helped both individuals and businesses in Ft. Myers and thoughout Florida manage tax debts and get back on the right track. Attorney Mary King can even represent people in court if the need arises.