How a Tax Lawyer Can Help You Resolve Your Debt

How a Tax Lawyer Can Help You Resolve Your Debt

Facing tax debt of any amount can be stressful and is exacerbated the longer the debt remains unpaid. With consequences ranging from having penalities and interest accrue to having wages and assets garnished and even rare cases where international travel is prohibited/limited, facing tax debt may seem hopeless especially when facing thousands or more dollars of debt. 

Luckily, there are some solutions available that can help you get on the right track and make handling your tax debt more manageable. If you or a loved one is facing an insurmountable amount of tax debt and need a helping hand then you should enlist the help of a tax lawyer in New Haven, CT by contacting Barlow Tax Solutions

Common Tax Relief Solutions 

There are plenty of common tax relief solutions offered and a lawyer can help find the solution that best fits your needs. There are six common solutions

  • Offer in Compromise: This solution will allow you to settle for less than the debt’s overall amount. When you can’t pay your debt in its totality the IRS may agree to a lesser amount. 
  • IRS Installment Agreement: A tax debt can seem huge at first when looking at it as one lump sum. However, it’s possible to break up your total tax debt into smaller payments. Utilizing an IRS Installment Agreement both parties will agree to a more manageable payment plan that can allow you to pay less and avoid consequences such as penalties, liens, levies, etc. 
  • IRS Penalty Abatement: Unfortunately sometimes you may face levied penalties from the IRS, but there are laws existing that can remove or reduce such penalties. 
  • Filing Back Taxes: You may have back taxes owned and even if you’re not at the point where the IRS is contacting you, it’s a good idea to file any back taxes. If you’re having difficulty either due to financial or understanding how to file your taxes then you can contact a tax lawyer in New Haven, CT. 
  • Currently Not Collectible: One of the reasons why people often owe in taxes is simply because they don’t have the financial means to pay. As such, they may simply ignore the problem. However, even if you don’t have the means to pay, this is never a recommended solution. While you should consult a lawyer first, you may qualify for currently not collectible, granting you a grace period for paying your loans as well as avoiding harassing calls or other consequences. 
  • Innocent Spouse Relief: Spouses will often file their taxes together and while this can be very convenient, one issue that can arise is that one spouse may file the return incorrectly or has outstanding debts that you previously were unaware of. In both scenarios, you may be eligible for innocent spouse relief. 

Contact a Tax Lawyer Today

Dealing with any amount of tax debt can be stressful and to help reduce your tax debt, eliminate it, or receive a delay, it’s recommended to contact a tax lawyer in New Haven, CT. Our legal team at Barlow Tax Solutions has years of experience and can help you manage your tax debt. Contact them today