If you’re struggling with tax debt, you are not alone. Many Americans have issues with tax debt for all kinds of reasons. Failing to pay your taxes on time can result in significant penalties and interest and may lead to you being audited by the IRS. Our tax debt attorneys at Leinart Law Firm help clients throughout North Texas find solutions that can reduce or eliminate tax debt and give them peace of mind.
Owing money to the federal government can be stressful and overwhelming. In addition to interest and penalties, the IRS can garnish your wages or seize your property to collect overdue taxes. Understanding the options that can help you get out from under tax debt is vital. Our Dallas tax debt lawyers explain things in terms that are easy to understand and give you a candid assessment of which options may be available to you, depending on your specific circumstances.
The two main objectives of tax debt relief are reducing the amount of taxes you owe and developing a manageable repayment plan. Our experienced team of debt relief attorneys and tax professionals will thoroughly review and analyze your case and come up with a plan tailored to your specific financial situation.
Although filing for bankruptcy can help you settle tax debt, there are several other ways you may find tax debt relief and resolve disputes with the IRS.
If you are dealing with financial hardship, CNC status lets you defer tax payment to the IRS for a certain amount of time. To prove eligibility, you must provide evidence that you’re unable to pay. Documentation of your financial situation may include proof of your monthly income and necessary expenses and other information. Our experienced tax debt relief attorneys can help you contact the IRS and prepare documentation for the Currently Not Collectible program quickly and efficiently.
This program enables you to settle your tax debts for less than the full amount you owe. Again, you must confirm your eligibility for this program with documentation of your financial circumstances, which takes time and a whole lot of effort. If you qualify for the Offer in Compromise program, you can save a significant amount in taxes, penalties and interest.
An installment agreement is a monthly payoff plan with the IRS. In addition to helping those who are behind on paying their taxes, it can provide some tax debt relief to fraudulent investment scheme victims. There are different types of installment agreements, such as the guaranteed installment agreement, partial payment installment agreement and non-streamlined installment agreement. Our tax debt relief lawyers can assess your case and advise you of which type may work best for you.
When you owe taxes to the IRS, they can put a lien on your property and may even seize it. Although it’s possible to withdraw such liens and levies within 30 days, it’s challenging to do on your own. Our tax debt relief attorneys can help you take swift action to withdraw liens and levies.
If you have assumed your spouse’s IRS debt as a result of divorce, it is possible to discharge that tax debt with the help of a qualified divorce and bankruptcy attorney.
Some income tax debt can be discharged in Chapter 7 or Chapter 13 bankruptcy. However, there are a few qualifying factors that must be taken into account when determining whether your back taxes can be discharged through bankruptcy. Before filing for bankruptcy, it’s important to talk to a knowledgeable Texas bankruptcy lawyer who can evaluate your situation and discuss your options.
Generally, some state and federal income tax debt can be discharged through Chapter 7 bankruptcy. For tax debt to be eligible for discharge under the terms of Chapter 7 bankruptcy, the following requirements must be met:
Typically, the same rules apply when discharging tax debt in Chapter 13 bankruptcy. However, any tax debt that is not dischargeable may be incorporated into your Chapter 13 repayment plan. Including non-dischargeable tax debt in your repayment plan can save you a substantial amount of money because interest does not accrue on the taxes that are being paid back through the plan.
If you’re strapped due to back taxes, facing an audit or have other legal issues related to unpaid taxes, it’s vital to hire an attorney who is familiar with state and federal tax law. Tax laws vary from state to state, so if you have a debt with the Texas Department of Revenue, you want a lawyer who is well-versed in Texas tax law. At Leinart Law Firm, our tax attorneys have years of experience in tax litigation and have helped thousands of individuals and businesses seek the tax debt relief they need.
Regardless of the amount of back taxes you owe, it’s always a good idea to meet these types of challenges head on. Our Texas debt relief lawyers offer a free initial consultation, so it won’t cost you anything to get a case evaluation and straightforward legal advice you can trust to help you get your finances on the right path.
Our tax debt relief attorneys and bankruptcy lawyers at Leinart Law provide practical options to help you get out of debt and move on with your life. To schedule a free consultation, please call our Dallas office at 469-232-3328 or our office in Fort Worth at 817-426-3328. You may also email us, complete the contact form on our website or use our convenient chat feature to contact us. Our Dallas and Fort Worth tax debt relief attorneys serve clients throughout North Texas.