Find Solutions Today with Tax Resolution Attorneys in Lisle, IL
Tax season shouldn’t be stressful each year, but some years may be worse than others. Were you selected for a random audit and discovered you have been doing your taxes wrong all along? Did the IRS assess penalties against you this year? Do you now owe more in taxes than what is feasible for you to pay back? Whatever the circumstances of your situation, tax problems are always a reason for concern. With the help of tax resolution lawyers in Lisle, IL, get back on track and put the tax season behind you.
What are Common Tax Resolutions?
When you owe the IRS money, there is not as much room for negotiating as there may be other types of creditors, such as mortgages or credit cards. This is not to say the situation is completely hopeless. If you are unable to pay the entirety of the taxes you owe at one time, there are a few options a tax resolution lawyer might suggest. Here are the most common:
- Installment payments allow you to make monthly payments on your tax debt until it is paid off in full. This is a good option for a debt you are able to pay back over a specified length of time based on your income. Installment payments are also ideal for larger debts that are harder to pay at once and for the person with no assets to liquidate.
- Wage garnishment occurs when you do not pay your tax debt, and the IRS decides to start taking the money out of your paycheck or bank account. The difference between wage garnishment and an installment plan is that you may have more say on matters such as the amount due each other if you voluntarily work with the IRS to set up an installment plan. In wage garnishment, you do not have as much of a say since it is a result of not making payments on your tax debt.
- Offer in Compromise is a tactic where a person who owes taxes offers a counteroffer amount in a lump sum, and the IRS either accepts it or rejects it. If the IRS accepts the offer, you may be able to pay less than you originally owed.
- Liquidating assets allows a person to sell off assets, such as vehicles or properties other than their residence, in order to pay the IRS what they owe in taxes. If you choose not to liquidate assets on your own, the IRS may end up forcing you to do so in order to pay your tax debt.
What Happens If I Do Not Pay My Taxes?
There are several negative consequences that the IRS has the legal right to enforce if you choose not to pay your taxes. For example, the IRS may put a lien or levy on your property or vehicle until you pay your debt. They may also force wage garnishment, which may end up adding to your financial strain as you lose income each month to the IRS. Aside from wrecking your finances and impacting your credit score, the IRS can even go so far as to have your passport revoked or even press charges if the amount of unpaid taxes is significant. Tax debt is not like other debt, such as medical debt, where it will go to collections and fall off your credit report in several years. The IRS will continue its attack until you pay them what you owe in taxes, which is why having a reliable tax resolution lawyer on your side may be crucial to your entire future.
Can a Tax Resolution Lawyer Stop Wage Garnishment?
If you are facing wage garnishment as a way to resolve your tax issues, an experienced tax resolution lawyer may be able to help in a few ways. They may be able to help negotiate for a lower overall balance and, therefore, lower monthly payments based on hardship or financial standing. If someone is struggling financially and there are little to no wages to garnish, a tax resolution lawyer may be able to argue for a complete discharge of the debt. This is also an option when the person cannot pay their taxes due to low income, and the amount they owe is rather small. There are even instances of wage garnishment being reversed and refunded, which is another reason to consider at least speaking with a tax resolution lawyer when dealing with the IRS.
How Can a Tax Resolution Lawyer Help You?
A tax resolution lawyer will answer your questions about what options may be available to you based on your unique situation. They will also have years of experience in tax law as it pertains to dealing with resolving debts with the IRS. An experienced tax resolution lawyer can also be useful when dealing with other issues related to taxes, such as audits, incorrectly filled out taxes, and even being accused of tax fraud or other tax-related crimes. A tax resolution lawyer can work with you on everything from wage garnishment and installment plans to filing for bankruptcy as part of your plan to settle your tax debt. If you are unsure how a tax resolution lawyer may be able to help you with your tax problems, it is best to speak with an attorney to find out before proceeding with your dealings with the IRS.
Get Tax Help Now
The trouble with the IRS is bound to happen sooner or later. Whatever the situation and however you aim to resolve it, dealing with the IRS can be time-consuming and exhausting. With the help of a knowledgeable tax penalty relief lawyer on your side, you may be able to reach a solution with less stress and hassle. You deserve compassionate legal care, and our team is ready to deliver. Call us today at (708) 575-1500 for a free consultation to see how we may be able to make the process easier to manage.