Tax Debt Relief
It can be incredibly difficult to pinpoint exactly what you owe on your taxes every year and it may be very discouraging when you find out that you owe the IRS a lot of money. When this is the case, you may not have that money set aside to pay the IRS back and might be concerned about what will happen. If you owe taxes and would like to figure out a system for paying the IRS, it is helpful to have a lawyer by your side who understands your state’s laws and what kinds of options you may have. One of these options is known as an offer in compromise.
What is needed to qualify for an offer in compromise?
Like many programs, you cannot simply begin the process and hope it works for you. Instead, you will need to qualify for it. In order to qualify for an offer in compromise, there are a few things you will need to show. Some of these would be that you are up-to-date on your tax filings, that you are not a part of any active bankruptcy cases, that even if they tried to collect your tax debt the IRS would not be able to, and more.
Even if an online calculator says that you qualify for an offer in compromise, you should still speak with your lawyer, like a tax debt lawyer from a law firm like Wright Law Offices. They will be able to better assess your situation and determine if (even though you technically qualify) this would be the right decision for you.
How would an offer in compromise benefit you?
There are several ways that an offer in compromise would benefit you. It can help you avoid wage garnishment, provide you with a temporary stay regarding property seizures, and give you time to work out a plan with the IRS so that instead of paying everything all at once, you are able to pay them off with a plan that works for you and your financial situation.
It is especially beneficial to work with a lawyer when filling out your paperwork because you can count on the IRS to give every aspect of your form a solid examination. You don’t want it to look like you are in any way falsifying information or trying to hide anything and your lawyer can review your information before sending it off. Your lawyer will also be able to help you gather any necessary evidence that you may need to back up what you are saying about being unable to pay off your IRS tax debt.
Get Legal Help For Your Tax Debt
Realizing that you are in a sticky situation with the IRS can put fear in most people. You do not have to try to figure this out on your own, though. Working with a lawyer can help you to take a step back from the situation and figure out a plan that allows you to move forward. When you are ready, reach out to your local law office to see if an offer in compromise would work for you.