Hiring a Tax Debt Attorney is an excellent idea when your tax debt has grown too large to be paid off in five years. The IRS operates on a blanketed system that doesn’t take individual circumstances into account, making your debt virtually unmanageable. In such a situation, you need the help of an attorney to make it easier to qualify for compromising programs or installments. By hiring a tax attorney, you can avoid these penalties and receive your financial life back on track.
The best way to find a qualified Tax Debt Attorney is word of mouth. If you are aware of a Tax Debt Attorney, ask him or her for references. Avoid hard sell tactics, and don’t pay a retainer up front. Generally, attorneys accept payment plans and are not required to charge all of their fees upfront. Ask about their experience and how they assess your situation. It is always a good idea to get multiple quotes before hiring a Tax Debt Attorney.
Another method of paying back a tax debt is an Offer in Compromise, a plan that allows you to settle for much less than what you owe. In this case, you will be able to pay a lower amount because the IRS will be willing to wait two or three years before pursuing collection efforts. If your debt is more than $50,000, this option will require a direct payroll deduction from your employer. It can be challenging to receive a reduced payment, but it can be done.
Another method of settling your tax debt is to file for bankruptcy. If you are unable to pay the entire amount, you can apply for CNC status, which allows you to pay your tax debt over three or five years. If you can afford to make these payments, you may be able to save your home. A tax debt attorney in Hartford, CT can help you. They can help you prepare the required documentation and negotiate with the IRS to get the best possible outcome.
There are many types of repayment plans available through the IRS. A Tax Debt Attorney has experience working with various repayment plans. A Tax Debt Attorney can help you navigate the various options available to you and offer you peace of mind. The IRS repayment plans can be complex and have a wide range of eligibility requirements and interest rates. It is essential to have legal guidance before attempting to solve the problem on your own. If you don’t know what you’re doing, you might end up worse than you started.
You can also choose an installment payment plan. These plans are a great option if you can’t pay the full amount at once. If you qualify for this option, however, it’s best to hire an attorney who charges a reasonable fee. If you don’t have any defenses to your tax debt, an installment payment plan may be the best option. You can pay your tax debt over time and still afford the monthly installments.