Tax is a concern to all of us, whether we owe it, think we might owe it, or are worrying about how we are going to pay it. If you’ve slipped behind on your tax payments or are being investigated, you will probably be considering whether to hire a tax attorney to help you deal with this. An attorney’s tax resolution services can help you in many ways, in not only saving you money but perhaps setting you up so that on future tax returns you will have to pay much less tax. So let’s review how a tax attorney can help.
Benefits of Tax Resolution Services
Tax resolution services provided by a qualified tax attorney can eliminate or reduce your tax debts if you are struggling with unfiled tax returns or unaffordable tax repayments. They can reduce your tax in three ways, first of all by negotiating an Offer in Compromise with the IRS to reduce the bottom line amount of tax that you have to repay. Second by reviewing and amending previous tax returns to maximize your tax reduction for those years and future years. And thirdly by leveraging the Taxpayer Bill of Rights to ensure you pay only the tax you owe and fair interest and penalties.
Your tax attorney will also be able to work on your behalf to stop wage garnishments and bank levies so that your business can continue to operate throughout the procedures while your tax situation is addressed. If garnishments and levies are enabled this could prevent you from running your business and make it even harder for you to pay back the taxes you owe.
If you have a tax lien against you your only options are to pay your tax debts immediately or to negotiate a payment plan. Such a lien can affect your real estate and personal property if you let it continue without any positive action, so it is vital to take legal advice and let your attorney work on your behalf to ensure things don’t go that far. If you fail to deal with a tax lien quickly it may also affect your long term employment prospects as you will be flagged on credit checks, and will also affect your credit rating preventing you from being offered credit in the future including mortgages, loans and credit cards.
Should your taxes and finances be audited you will need to aid of a tax attorney to defend you in this process. A tax audit can be a stressful time and also result in expensive fees so you can leave all of it with your attorney who will handle the administration and correspondence on your behalf. They will also ensure that your accounts are compliant and address any issues that are flagged up by the audit. This will leave you with peace of mind that there will be no surprises at the end of the audit resulting in extra taxes, fines, and liens against you.