Our tax debt lawyer understands that dealing with tax debt can be stressful and confusing. At Wright Law Offices, many of our clients come to us with questions about legal help for their debt. Focusing exclusively on bankruptcy law, we are here to provide clarity and guidance to help you resolve your tax issues with confidence.
How Someone Can Determine If They Owe The Taxes The IRS Claims They Do
First and foremost, we recommend obtaining a detailed account transcript from the IRS to verify the accuracy of what they claim you owe. This transcript provides an item-by-item display of your tax account transactions, including assessments, payments, and any applicable penalties or interest charges. It’s important to review this information carefully or have a professional review it to ensure that there are no errors in the IRS’s calculations.
The Consequences Of Not Addressing Tax Debt
Failing to address tax debt promptly can lead to increasingly severe repercussions. The IRS may implement aggressive collection measures, such as garnishing wages, levying bank accounts, or placing liens on your property. Such actions not only affect your current financial stability but also have long-term consequences on your credit score and financial reputation. Proactive engagement with tax debt is essential to prevent these drastic measures and to maintain your financial freedom.
When It Is Possible To Reduce The Amount Of Tax Debt Owed
Indeed, reducing your total tax debt might be possible through several IRS programs, depending on your specific financial situation. The Offer in Compromise program, for example, allows qualified individuals to settle their debt for less than what is owed. This program requires a thorough assessment of your income, expenses, asset equity, and ability to pay. Another viable option is seeking penalty abatement, which can significantly reduce the amount owed if you can prove that failure to pay was due to reasonable cause and not willful neglect.
Exploring The Payment Plans Available For Managing Tax Debt
The IRS provides several types of payment plans tailored to different financial situations. Short-term extensions can give you up to 120 days to pay your debt in full, while long-term installment agreements allow you to pay over a more extended period, often making the debt more manageable. These agreements consider your current financial condition and tax obligation, offering a flexible way to manage debt without adding undue stress. Our attorney can assist in negotiating terms that fit your financial capabilities, so that payments do not become a burden.
What To Look For When Choosing A Professional To Help With Your Tax Debt
Selecting the right professional to assist with tax debt is critical. You should seek out individuals who are not only licensed but also have a proven track record in tax resolution. This includes attorneys or certified public accountants who specialize in tax negotiations and understand IRS protocols thoroughly. Our Scottsdale tax debt lawyers offer transparency about our approach and provide a strategic plan tailored to your specific tax issues, so that your rights are protected throughout the process.
If you have any further questions or need assistance with your tax debt, we are here to help. Our team is committed to providing you with the support and knowledge needed to resolve your tax issues effectively. We encourage you to contact us at our locations in Phoenix, Scottsdale, and Tempe, Arizona, to discuss your situation and explore your options. Remember, you don’t have to face these challenges alone; let us guide you toward a resolution.