Tax debt is the difference between the tax someone owes to the state and what they have actually paid. Every year, thousands of Americans end up in IRS debt exposing themselves to a range of IRS problems. In 2019, the national average tax debt was at USD 16,849. Left unresolved, it could lead to a host of complex IRS issues ranging from hefty interest, seizing of assets, or even an international travel ban. Tax debt could further require you to deal with IRS revenue officers or debt collectors continually, which can be a cumbersome experience for anyone. While the implications of federal tax debt are daunting and can lead to harsh penalties, not all is lost if you spring into action as soon as possible and partner with seasoned tax attorneys. Here are some tax debt relief strategies that you should consider to find a resolution:
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1. Take Immediate Action
When in tax debt, it is crucial to address the issue right away. If you defer acting on the debt, penalty and interest payments will keep growing until such a time when you pay back the amount in full. IRS tax relief options are a blessing for people looking to settle their tax debt with the government and reclaim peace of mind. Simply put, tax debt relief provisions help taxpayers pay their dues most appropriately based on their specific tax situation.
2. Leverage IRS Payment Plans
You can either work towards getting a time extension to pay your tax dues or agree to pay within an extended timeframe by exploring “payment plans” provisioned by the IRS. The payment plans include a full payment plan, a short-term payment plan (payment in 120 days or less), and a long-term payment plan. For taxpayers who are experiencing financial hardships, options like deferred payment and settlement may also be available.
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3. Seek Professional Help
Finding the right solution for your specific financial situation can be difficult and time-consuming. When in tax debt, a practical and effective strategy to consider is seeking the help of professional IRS tax resolution attorneys. They can help you take the right approach and work with the IRS to attain seamless tax debt relief.
If you are seeking tax help in Fort Worth Texas, the experts at The Law Offices of Nick Nemeth provide some of the best help across different IRS issues including IRS tax relief and IRS tax appeals. They work closely with clients to understand their specific concerns and craft the best strategy to get the desired relief. To discuss your IRS problems and get expert help, contact tax attorneys in Dallas, Texas at (972) 426-2553. You can also email firstname.lastname@example.org or fill out our contact form.