Old Mystic Tax Debt Attorney
Tax debt is not uncommon in most US households earning lower wages and those who are experiencing financial setbacks on various fronts. Unfortunately, it is a responsibility no one can ignore for too long because of the high penalties for unpaid taxes.
Defense Tax Partners understands how difficult it could be to manage tax payments on top of one’s bills and other expenses. Luckily, the government does offer tax debt relief programs that our Old Mystic tax debt attorneys can help you apply for. We will check your financial status to see which tax debt relief program fits your situation. We’ll prepare your application and negotiate a repayment scheme that works well for you and the tax agencies collecting your taxes.
When you reach out to us, we guarantee that you will be aware of each action we will take to improve your chances of getting into a tax debt relief program and give you the resources you need in order to take control of your finances. You won’t be disappointed with our personalized service and making us your tax legal firm partner for your other tax issues.
Call Defense Tax Partners at (860) 362-2738 for your Free Consultation with a Old Mystic Tax Debt Attorney!
Methods for Tax Debt Relief
Both the Internal Revenue Service (IRS) and the Connecticut Department of Revenue are the ones assigned to collect taxes from both individual and corporate taxpayers in the country. They make sure that taxes are paid on time and in the right amount, going after those who fail to pay their taxes on time or completely.
Fortunately, they do offer tax debt relief options for those who cannot pay their taxes for legitimate reasons, and it is not uncommon to hear stories of people appealing to the IRS to be approved for one of these programs. If you find yourself in this situation, you can count on our Old Mystic tax debt attorneys to improve your chances of getting into one of the following tax debt relief programs:
“Currently Not Collectible” Status
If you need more time to pay your tax debt, you can apply for the “currently not collectible” status from the IRS. Under this program, the IRS will not collect your tax debt for a year or more until you are ready to pay off your tax debt. The agency will regularly check your financial activity to see if it’s time to collect your tax debt. You will still be asked to pay interests and penalties on top of your tax debt.
Filing for Bankruptcy
Bankruptcy is the preferred option for those who wish to get their tax debt reduced or forgiven completely, but it has major implications, if approved, to one’s credit score and capacity to request new credit.
Chapter 7 and Chapter 13 bankruptcy are the most popular options for bankruptcy filings. Chapter 7 opens the possibility of getting rid of the debt completely or a huge chunk of it depending on the type of tax debt you have. Meanwhile, Chapter 13 enables taxpayers to negotiate a three or five-year repayment plan to pay off their tax debts and have a lower penalty and interest scheme.
Innocent Spouse Relief
This tax debt relief program is suited for taxpayers who wish to escape the scrutiny of the IRS when their spouse or ex-spouse commits tax violations or owes taxes. You will need to show the IRS that you are unaware of your spouse or ex-spouse’s actions and that you are innocent of any wrongdoing. If approved, you will not be included in the investigations done by the agency and asked to pay your spouse’s or ex-spouse’s tax liabilities.
Our legal team can help you apply for this status, as well as other similar relief options suited for joint filers, such as the separation of liability relief and equitable tax relief.
Installment Plans
The installment plan is the most popular option picked by taxpayers who wish to get tax debt relief, and the IRS is very open in accepting requests for this program. We can negotiate with the IRS for a manageable installment plan that can last up to 6 years depending on the tax amount you owe the agency. We will also request lower penalties that will be added to the monthly payment amount to make it bearable for your finances.
“Offer in Compromise” Program
If you are a taxpayer who can’t afford your tax debt, even if the IRS allows you to avail of an installment plan or other tax debt relief program, you can opt for the “offer in compromise” program. Under this program, you can pay a small percentage of your tax debt as a “compromise,” and the rest of the tax debt is forgiven by the IRS.
For taxpayers who qualify under this program, the IRS may ask you to pay at least 20% of your total tax debt while the rest is forgiven. We can negotiate with the IRS to reach the ideal agreement for this program and get the lump-sum payment that works with your financial capability.
Call Defense Tax Partners at (860) 362-2738 for your Free Consultation with a Old Mystic Tax Debt Attorney!
IRS Tax Debt Attorney
The IRS understands that not all taxpayers can pay their tax liabilities on time and offers a variety of tax debt relief programs to help them out. However, the eligibility requirements can be tricky to work with, and the review process can take a long time.
With our Old Mystic tax debt attorneys at Defense Tax Partners, you will have an easier time applying for one of the tax debt programs available and getting your application approved. We will also provide you with all the legal services you need to improve your control over your finances, from assessing your financial documents to see any errors that need to be corrected to negotiating with the IRS for a better repayment plan for your tax liabilities. We will do our best to resolve your tax issues as fast as possible and reduce your interaction with the IRS so that they cannot pressure you into more penalties.
Defense Tax Partners can also provide you with the following legal services for tax issues:
- Tax Resolution
- Tax Preparation
- Tax Lien Removal
- Passport Reinstatement
- Bank Levy Removal
- Audit Representation
- Wage Garnishment Removal
Defense Tax Partners has been offering personalized legal services for troubled individual and corporate taxpayers for many years and our previous clients have nothing but good praises about our work. We are also ready to take on both federal and state tax problems and find the right solutions for them. We are committed to proving that we are the right tax legal firm for all your tax issues.
Let’s Talk Now – Free Consultation
Got a large tax debt you want to resolve? If yes, you should contact our established Old Mystic tax law firm today to find the right solutions for your situation.
We guarantee that the process of getting your tax debt under control and resolved will be smooth with our help because our talented Old Mystic tax debt attorneys will be with you from start to finish. From determining the best tax debt relief program to apply for to getting it personalized to match your financial situation and approved by the IRS, we are here to assist and put you a step closer to a debt-free future.
Call Defense Tax Partners at (860) 362-2738 for your Free Consultation with a Old Mystic Tax Debt Attorney!