Tax Debt Relief: How To Lower Your Tax Debt

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When you owe tax debt, you’ll need to address the issue head-on. 

The Internal Revenue Service (IRS) is not an entity that you want to owe a lot of money to, so the sooner you weigh your options for debt relief the sooner you’ll be able to move forward with your financial life. 

Thankfully, the Silver Tax Group is a team that can help you with relief when you need it the most. Consider these tips so that you can get the help you need from the professionals best able to save the day.  

Help Negotiating a Fair Installment Agreement

When you’re filing your taxes each year, the amount you owe is due upon filing. If you can’t afford it, you will need to come up with an installment agreement plan. 

In most cases, the IRS will gladly accept an installment plan when you apply for it. When you have access to Silver Tax Group, the company can help to negotiate the best terms of an agreement, so that you can pay it off in an affordable manner. 

Since these tax bills add up over time and garner interest, you will need to make sure that you sign an agreement that won’t break the bank. In this regard, you will need access to a team of attorneys that can protect your rights while helping you lower your tax bill at the same time. 

It’s important to know what to do when you aren’t able to pay your debt in a timely manner. Silver Tax Group can help take the stress out of the situation. 

An Overlook Look at Your Tax Debt

Sometimes you need an explanation into how much money you owe. 

To this end, an attorney will know better than anyone. Tax debt lawyers can assist you with all aspects of relief, but sometimes, the biggest area of relief is your peace of mind. 

When you talk to lawyers that specialize in tax debt, they can break things down for you point by point until you know what you are facing and how to find your way out of it.  

1. Crafting an Offer-in-Compromise

When your tax debt has gotten out of control, sometimes you need an attorney on your side that can negotiate a compromise

An offer-in-compromise allows you and your lawyer to find an amount with the IRS that you are willing and able to pay, which is less than you actually owe. This is very much to your advantage and can get you out of debt without you having to break the bank in the process.  

Be Careful to Avoid a Tax Lien

If you owe a certain amount of debt, the IRS can file a tax lien against you. 

With this lien, it’s the first step toward the IRS potentially going after your assets. It can also be a serious ding to your credit report, similar to a bankruptcy. 

By getting the help of tax lawyers, you will be able to oppose the lien and protect yourself. These attorneys will create a defense or a settlement for you so that you don’t have to go up against the IRS alone.   

2. Negotiating the Settlement of Credit Card Debt

When you owe tax debt, you most likely have a host of other accounts open against you as well. For most people, this is a substantial amount of credit card debt. 

By working with the Silver Tax Group, you are able to negotiate a settlement or consolidation for your credit card debt as well. This way, you lower the amount of money you owe as a whole and are better equipped to pay off your tax bill.  

3. Ask For Assistance in Filing For Bankruptcy

At times, filing for bankruptcy is the best course of action to take when you owe a significant amount of tax debt. 

You should never go through this process without the help of the best tax attorney you can afford. They’ll advise you on whether you should look into Chapter 7 bankruptcy or Chapter 13 bankruptcy, both of which could help you relieve your tax debt and build your financial life again. 

By hiring the Silver Tax Group, you will receive the proper counsel and advice to will help you make the best decision. In doing so, you will also have full information on the process and repercussions that come with filing for bankruptcy. 

Don’t think of this as a loss. Filing for bankruptcy can actually be the best thing to happen to your financial life if you find yourself in desperate straits. By getting the IRS off of your back, you will be able to alleviate your tax burden and buy some time to rebuilding your financial life piece by piece.  

4. Ensure You Prevent Levies on Your Checking Account

A tax attorney can protect your bank accounts, or at the very least help you postpone the IRS from taking action. 

When the IRS puts a lien on your bank account, they can withdraw every dime that you owe them in one fell swoop. This could potentially happen at the most inopportune time and when you least expect it. 

By having access to a tax lawyer, you will have some backing in this regard to protect you.  

5. Getting Help With a Tax Deferment 

Getting a tax deferment can be a breath of fresh air when you’re trying to relieve your debt. 

In this regard, you’ll need a lawyer who can vouch for you. With a deferment, you will buy yourself more time to pay off your taxes, as opposed to having to pay what you owe all at once. 

A Silver Tax Group attorney can assist you in negotiating the terms of the deferment so that you have enough time to get your finances in a row so that you can make payments. 

6. An Attorney Can Help You Manage the Statute of Limitations on Your Tax Debt

When you owe any significant amount of tax money to the IRS, you have a statute of limitations of 10 years to pay it off. This includes the amount of principal that you owe, in addition to any interest, fees and late payment penalties. 

By having a lawyer by your side that can assist you, you’ll be better able to stay within these statutes and work within these parameters. It will buy you time to handle your affairs accordingly. 

Lawyers Can Help With Liquidation Efforts

Sometimes settling your tax debt is all about paying what you can afford at the moment. 

If you don’t have cash on hand, attorneys can help gauge your assets so that you can liquidate enough to make a substantial payment. When the IRS sees these sorts of efforts, you will generally receive more leniency and will be better able to get time to pay off your tax debt in full. 

They Can Represent You and Your Interests During Hearings

When dealing with tax issues, the IRS will go through your finances with a fine-toothed comb to see what you owe and see to it that the debt is satisfied. 

You’ll need to make sure that this accounting is accurate if you are going to see your way through it. By having the help of the Silver Tax Group, you can always count on an attorney by your side for every hearing, protecting your interests so that you don’t have to go about it alone. 

Passports & Travel Restrictions

As of new laws in 2019, the Federal government has the right to revoke your passport if you owe more than $51,000 in tax debt. 

If you travel for work, you can’t afford to have your passport revoked. By working with a tax attorney, you may be able to slow the process down or you can file an appeal to help get your passport back.

Tax Burdens in a Messy Divorce

Finally, you might also take on debt that isn’t yours when you are getting divorced from your spouse

This is a common situation many people are faced with, and you’ll need an attorney that can go through it and sort things out so that you only pay your own debt.  

Get Help With Your Tax Debt

These are only a few ways that a qualified tax attorney can assist you when you’re in need of tax relief. No matter what you are facing, getting in touch with a lawyer is your absolute best bet. 

As you can see, the Silver Tax Group is your best bet when it comes to relieving tax debt. When you need help, contact us for more information. 

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