Tax Debt Resolution Services
If you find you are struggling or unable to pay your tax bill, Silver Tax Group’s tax debt resolution services can help you decide what to do next. Tax debt resolution is a blanket term describing several actions you may be able to take to resolve your tax debts, often with the assistance of a tax professional. Depending on your current financial situation and reason for seeking tax debt resolution, some of the most common options include:
- Applying to have your payments paused
- Setting up a payment plan
- Negotiating to pay a lower amount than the total you currently owe
Do You Have Tax Debt?
Tax debt resolution can be important for people with financial hardships because it can keep them from choosing between paying tax bills and covering expenses like rent and food. The Internal Revenue Service (IRS)’s end goal is to receive your tax payment, but the agency recognizes that there are certain circumstances in which paying your tax bill is not possible.
Silver Tax Group’s experts can work with you to identify the solution that best meets your needs. Contact us for your free case evaluation and our lawyers will take care of the rest.
How Do I Know if I Need Tax Debt Resolution Services?
How Do I Know if I Need Tax Debt Resolution Services?Here are the most common signs that seeking tax debt resolution services is in your best interest:
You Have Unpaid Back Taxes
Unpaid back taxes, especially for more than one year, can create situations that are difficult for people with low income and few assets to escape. If you simply do not have the means to pay your back taxes — particularly if you have multiple years’ worth — seeking tax debt resolution services is generally more reasonable than ignoring or trying to deal with them on your own.
You are Experiencing Wage Garnishment
Wage garnishment is one of the most important reasons to seek tax debt resolution as soon as possible. Improving your financial situation can be virtually impossible if you are losing a significant portion of your income as a result of your tax debt, and tax debt resolution is a crucial aspect of sorting out your tax situation and getting back on your feet.
You Have a Tax Lien
A tax lien on your home or other assets is also a major reason to work with a professional to resolve your tax debt. The right professional may be able to get this lien removed once you have established a plan for resolving your tax debt.
Downsides of Not Resolving Tax Debt
Downsides of Not Resolving Tax DebtAlthough it can be tempting to simply ignore your tax debt if you know you have no way to pay it, especially as the IRS technically cannot collect a tax debt after 10 years, going this route will ultimately cause more problems than taking the initiative to discuss your options with a tax professional. Some of the primary downsides include:
- Your tax debt will be sent to collections
- You lose any tax refund money you may otherwise be eligible for
- Additional interest being charged on your tax bill
- Levies on your income, bank account, or other assets
- A potential impact on your credit score if your debt is from earlier than April 2018 or a lien is filed against you
Avoid these potentially devastating downsides by calling the professionals at Silver Tax Group for a consultation today.
Options for Resolving Your Tax Debt
Options for Resolving Your Tax DebtOnce you have committed to resolving your tax debt, you should plan to set up a meeting with a tax professional as soon as possible to discuss your financial situation and determine which type of resolution may be your best option. There are several types available, such as:
Currently Not Collectible (CNC) Status
Temporarily pauses both your obligation to pay your tax debt and any communication from collections agencies
Federal Tax Lien/Levy Assistance
Helps protect your home, income, and other assets
Penalty Relief
Removes any extra fees you may have incurred from late or missed payments after you have paid off the amount you originally owed
Separation of Liability Relief
Removes your responsibility for dealing with a former spouse’s tax debt after a divorce
Offer in Compromise (OIC)
Resolve Your Tax Debt Quickly
Resolve Your Tax Debt QuicklyResolving your tax debt sooner than later has several benefits. Minimizing the amount you may need to pay in interest can save you money over time, for example.
In certain circumstances, a tax professional may be able to lower the amount you owe to one you are able to pay off in one lump sum instead of setting up a payment plan, which can help you return to saving your typical amount of money sooner instead of having to put it toward monthly payments.
Seek Help From a Tax Professional To Resolve Your Debt
Navigating the options you may have available to resolve your tax debt can be challenging. Fortunately, you do not need to make a decision on your own.It can be helpful to go into your first meeting having already done some research, but working with a tax professional throughout the process will help you choose the best option for your financial situation, avoid mistakes when filing necessary paperwork, and ensure the process goes as smoothly as possible.
At Silver Tax Group, we realize there are a variety of financial hardships that can cause you to struggle to pay your tax debt. We are here to help you decide which tax resolution services may be a good fit for you and guide you through the process of applying for it.
Free Consultation 24/7
Chad Silver
Attorney
Silver Tax Group Locations
777 South Flagler Drive
Suite 800 – West Tower
West Palm Beach FL 33401
561-933-6717
West Palm Beach, FL Law Office
4005 Guadalupe St
Suite C
Austin, TX 78751
737-258-9279
Austin, TX Law Office
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