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If you have a tax bill from the Internal Revenue Service (IRS), you are not alone. According to a government study, 21 percent of American tax filers should have had more taxes withheld in 2018. If you are in that 21 percent, you need tax relief.
Tax relief is a way to reduce your debt through a repayment plan or negotiated settlement. While the process will not eliminate your debt, it can go a long way toward providing some financial breathing room. You can reduce what you owe without hindering the rest of your life.
Some individuals and families are eligible for special IRS tax relief. These exceptions often apply to people who are victims of natural disasters, like hurricanes and wildfires. See if you are in line for one of these provisions here.
In the same way that doctors and lawyers have specialized areas of practice, so too do attorneys. No attorney can be an expert in every field of the law. Make sure you find an attorney who has experience working with tax debt relief.
Tax-relief attorneys will work with you to ensure your interests get represented during the negotiation of a tax repayment plan or settlement. They will protect your rights while helping you navigates the complex tax issues that you’ll confront. If you hire a tax-relief attorney, you can nip any potential problems in the bud before they get out of hand.
Certified tax-relief attorneys can assist in solving numerous tax issues. For starters, they can protect you from potential errors or intimidation from the IRS. They can also settle any liens or levies that IRS has enacted to get payments.
Perhaps more important, they will interpret your tax liability, which is the amount you actually owe to the IRS. A Las Vegas tax relief attorney will be able to cut through the fluff and figure out how much lower your payments should be. That new figure will then serve as the basis for your amended tax return.
Finally, a tax relief attorney keeps you in legal compliance. Their services ensure that you are on the right side of the law and do not have to worry about the government cracking down on your bank accounts, wages, or assets. Plus, these attorneys can settle tax issues through programs they know about and mitigate future penalties in the process.
Tax debt is a vicious cycle. Even if you are trying to make payments, the figure is continuously subject to interest. So, while you try to chip away at that number each month, the interest rate has it fighting back. This back-and-forth battle can put tremendous financial and emotional strain on you and your family.
If you do not file for tax relief, you will likely get penalized by the IRS. The penalty is more severe based on whether or not you filed your taxes. For instance, if you do not submit or pay your taxes, the fee will be 5 percent of your unpaid taxes each month that you are late – up to 25 percent.
If you filed taxes but did so late, however, the IRS will charge you 0.5 percent of your unpaid taxes each month – again up to 25 percent. The interest rate on the debts is equivalent to the federal short-term rate plus an additional 3 percent. Having a professional tax-relief attorney decipher these differences can improve your bottom line significantly.
The longer you put off reconciling your tax debts, the more severe the consequences will be. Those consequences might include the IRS file a notice of a federal tax lien to claim your property. Or it might mandate forfeiture of your federal refund and charge you legal fees for tax evasion. The government has other headaches it can serve up, too, including revoking or suspending your passport.
Don’t go another day burdened and stressed out by mounting debts, wage garnishments, tax liens, or bank levies. Take back control of your life and finances with help from Tax Shark. Our licensed and certified tax professionals will make sure you get the relief you need at a price you love.
Call the friendly tax specialists at Tax Shark by dialing (702) 374-0463 or by clicking the button below to start your relief today.