IRS Tax Debt Relief
If you need tax debt relief, then you are at the right place. As an IRS tax attorney for Fort Worth, I deal with IRS back taxes all the time.
There are basically three ways to resolve IRS back taxes if you need tax debt relief.
No matter which option, they all involve four basic steps. Take a look below.
(1) Tax Compliance
An IRS tax attorney for Fort Worth will first look to make sure all of your returns are current. In order to get IRS tax debt relief, all of your returns must be filed (at least the last six years). You must also ensure that you are not adding new taxes. So, you have to be current with your paycheck withholdings or estimated taxes (if you are self-employed).
(2) Household Finances
Next, you must look at your finances. All IRS tax debt relief options require a look at your finances. Basically, we will be looking at your household income/expenses and assets owned by the household. A low to mid household income combined with little to no net assets may land you in a tax settlement. This is the preferred IRS tax debt relief.
(3) IRS Review
It's now out of our hands and into the IRS's hands. But we still stay involved and work with the IRS. Most of the time, the IRS will have questions or need additional information. We work with them to move the tax relief along. If we disagree with the IRS, don't worry, we'll file an appeal. Appeals are included with most of our engagements.
(4) Accepted Resolution
The moment you have been waiting for! Finally, the IRS is off of your back for good. They have accepted your IRS tax debt relief and you can move on with your life. The most important thing that you can do, though, is to not owe again in the future. Stay current with your tax filings and compliant with your tax payment obligations.
Tell Me More about IRS Tax Debt Relief
IRS Tax Debt Relief is what I do day in and day out as an IRS Tax Attorney for Fort Worth.
As an IRS attorney for Fort Worth, TX, I tell my clients that there are basically three ways to get IRS tax debt relief.
(1) Offer in Compromise (an IRS tax attorney for Forth Worth does a lot of these)
The first option for IRS tax debt relief is an Offer in Compromise. This is the classic tax settlement, where you settle your IRS back taxes for a fraction of what you owe. This is the longest and most complicated process to resolve your back taxes.
An IRS Offer in Compromise is determined by your income and assets. Typically, if you have lower income and lower assets, you would want to do an IRS Offer in Compromise. You certainly get the most bang for your buck. I always evaluate clients for this IRS tax debt relief option.
(2) Installment Agreements
Not as exciting as an OIC, but these are typically super fast to set up. If you are mid to high income, or, you have higher assets, an installment agreement is likely for you.
They typically set up within 30-60 days and the payment can come out of your checking account automatically with a Direct Debit installment agreement. An IRS tax attorney can also work with the IRS to prevent a tax lien from being filed as a condition of the installment agreement.
(1) Financial Hardship
This IRS tax debt relief was meant to be a temporary fix, but many clients find this to be a good solution. If you are under a financial hardship, the IRS will agree to close your collection case while you are under that hardship.
This is a great IRS tax debt relief to get the IRS off your back, even if temporary.
Get an IRS Fresh Start with a Tax Attorney for Forth Worth Today!
If you are ready to have an IRS Tax Attorney look at your case to see if you qualify for IRS tax debt relief, click here to get the process started today. Or call us directly for a free consultation at 330-331-7611.
