Many people know how it feels to prepare their taxes when they cannot afford to pay their tax debt. It this situation, it can be tempting to ignore the debt and try to hide from the IRS. You should know that you cannot hide from the IRS, and chances are you will receive notice of unpaid taxes along with interest and penalties. This can only make it more difficult to afford to pay your tax bill, so it is important to know your options. A skilled tax defense lawyer can inform you of the options for your particular situation.
- Partial payment – If you can pay some but not all of your current tax bill, a partial payment will avoid a late filing fee and reduce interest as well as demonstrate good faith that you are willing to pay your taxes.
- Negotiate with the IRS – In many situations, the IRS may be willing to work with you to help you pay your debt. An Offer in Compromise will allow you to settle your tax debt for less if you make a lump sum payment for the settled amount. Another option is to negotiate an installment payment plan to pay off your debt over time. Having an attorney negotiate on your behalf can improve your chances of obtaining one of these options.
- Obtain an extension – If you can prove financial hardship or other extenuating circumstances, you may be able to delay payments of your taxes. However, you must pay your debt when you can, or the IRS may obtain a tax levy on your assets in the future.
Consult with an Experienced IRS Offer in Compromise Attorney Today
Having a tax debt that you cannot afford can be stressful, but it is important to know that help is available. Our IRS tax relief lawyers can evaluate your case, advise you of all of your options, and represent you to the IRS to obtain the best solution for your situation. If you have tax debts, you should never hesitate to call Attorneys Tax Relief at 800-819-6866 to discuss your case today.