Facing IRS alone is terrible! Don’t risk it! The Gordon Law Group helps people to smartly manage their tax debt by consulting with them. Evening and weekend hours are available by appointment. Call us at 312-608-2772 to discuss your situation in detail.
Ricky French: Championing Truth and Change in Midlothian
Don’t declare bankruptcy you can still manage tax debt
1. DON’T DECLARE BANKRUPTCY: YOU CAN STILL MANAGE TAX DEBT
Owing money to the IRS or tax debt is undoubtedly a troublesome and tensioning affair, and
there are many who go as far as filing bankruptcies. We do not say that it is a comfortable
condition, however; we still believe that it is something quite manageable. With the help of an
experienced IRS lawyer, you can find a possible and a sustainable solution. Let us provide you
with some of the facts about tax debt, it's possible harms and solutions,
A failure of paying any of the applicable tax you are liable to pay will bring you in the
list of defaulters
Tax debt remains growing on its own, as there are several kind of penalties and interest is
involved
There are a few ways available to cope with this problem
You should not consider bankruptcy as your first option, in fact, it is not any option and
an admittance of defeat
Negotiating with the IRS through a learned tax attorney can brighten up the chances of
ending up in a settlement
There are some cases in which the IRS may let you go with your debts
A continuous failure in paying your taxes can lead you to a condition of financial
paralysis
Now, as we already have a basic level understanding of the tax liabilities and debts thus
let us move ahead with some of the possible solutions we can consider.
Hiring Professionals to Get your Tax Debt Settled
This is a basic requirement to keep your journey through the settlement a seamless and smoother
one. We are lucky that we have some brilliant options available in this regard. A tax lawyer may
charge you on hourly basis, but whatever you are going to pay him is just like an investment and
you will reap the benefits in terms of a fine tuned agreement. There are several benefits of hiring
a professional like,
A professional tax lawyer always tries to maintain the balance of equation in favor of his
or her client
These lawyers comes with a comprehensive knowledge of their trade and thus there is a
possibility of achieving something great with their involvement
The IRS recognizes the importance of tax lawyers and one with the required credentials
can even represent you before the Internal Revenue service.
2. Consider Offer in Compromise to Settle Tax Debt
When it comes to the possible solutions, this one is among the few, which are used more
frequently. Taxpayers like to go with this option, as this is the one through which they get a
benefit of paying less than what they owe. The application process and the eligibility criteria to
qualify for this option is quite a straightforward one and it is not going to take too much of your
time.
Settle Your Tax Debt through a Payment Plan
The term, “payment plan” here is actually representing the mechanism of settling your dues by
choosing installments based model. In such an arrangement those taxpayers who cannot pay back
their debt at once can go with a plan to pay them partially each month but on the cost of a certain
and predefined interest. This option is a good one for those who don’t owe too much money but
we cannot call it an optimal one for taxpayers with greater outstanding taxes.
Mitigating Tax Debt through Time Base Indemnity
The actual title of the program by which, time based indemnity is a possibility is, “Currently
not collectable”. In this kind of arrangement, the IRS accepts a time bound retreat and provides
you with a waiver voluntarily. However, this option is available for those taxpayers only who
have qualified evidence to prove their powerlessness to pay their tax liabilities in previous years.
For making it possible to achieve such an arrangement, we suggest you to contact an established
3. and reputed firm like, Chicago Tax Lawyer Firm as they had have achieved this target for an
uncountable number of clients.
CONTACT US
(Open 7 Days for Calls)
180 N. LaSalle Street, Suite 3700
Chicago, IL 60603
Local: (312) 608-2772
Referral Link: https://www.chicagotaxlawyerfirm.com/tax-debt/