1548 The Greens Way – Ste. 4 Jacksonville Beach FL 32250
Many people face tough financial scenarios in their lifetimes. When your finances are affected by something outside of your control, it can be difficult to make ends meet. Unexpected expenses only add to the stress.
Taxes can be one such unexpected expense. If you owe taxes at the end of the year, the sum can catch you by surprise and present a difficult situation for your family. Many people lose hope at this stage or avoid the situation altogether.
Fortunately, there are legal steps you can take to alleviate some of the pressure in these situations. With the help of an attorney, you can create a tax payment system or agreement that works for your family’s financial situation.
When you need an attorney who can help you settle your tax debts, trust the experts at Tax Smith Tax Attorneys. Our team has decades of combined experience in tax law, giving us a comprehensive understanding of the process as well as the expertise to approach any complicated tax situation.
No other firm in the Jacksonville area can give you the personal care and attention that we do. Our firm was founded on principles of respect, compassion, and empowerment. We take the time to really get to know your situation so that we can properly address the best course of action for your taxes. Your situation will be unique, so we tailor our advice and process to your specific needs.
We have had a significant amount of success settling tax debts for our clients, and feel confident that we can help you too.
If you owe money to the IRS, you are generally expected to pay it in full. However, this isn’t always possible, so the IRS is amenable to compromises. These agreements are called tax settlements, and they allow the taxpayer to settle their tax debt without paying the full sum. The lower amount allows you to pay off your debt more easily, while the IRS is able to collect at least some of what is owed.
This may seem too good to be true, but it is a system that hundreds of people use to solve their outstanding tax debt. However, just because it’s available doesn’t mean that you’re able to use it. There are specific eligibility requirements that you must meet in order to use this system.
Taxes are intimidating for many people, even when they are up to date on their payments. However, those who are hoping for a tax settlement have even more to consider. The application process for a settlement of tax debts is precise, and it’s important to do it correctly. Without a qualified tax settlement attorney, it’s difficult to navigate the application process.
When you have a tax-settlement attorney on your side, you can be sure that you are navigating the process correctly. We will be able to advise you on the application process, your financial situation, and the next steps. When you work with our team, you can be sure that you are receiving the best return or settlement for which you are eligible.
The IRS will look at your unique situation when determining whether a tax settlement is appropriate or not. This option is generally a last resort and should only be used if you’ve exhausted all other options to settle your tax debt.
If you do apply for a tax settlement, the IRS will consider your:
When they assess these factors, the IRS will decide what is reasonable for them to expect you to pay. For example, let’s say that you owe $10,000 in taxes, but only have $11,000 worth of assets. They cannot reasonably take away so much of your assets in taxes, especially not in a single payment. In these situations, they would likely accept a compromise for a lower amount.
You must apply for a tax settlement for the IRS to consider your situation. They will not consider your application if your taxes aren’t filed and up to date, nor if you are behind on required payments. If you wish to file for a tax settlement, you need to file all necessary taxes and make these payments before you file.
When you are in the middle of bankruptcy proceedings, you will also be ineligible for a tax settlement. Unlike the other two situations, this one is not so easily rectified. Fortunately, bankruptcy law often allows for tax breaks if you’ve filed for bankruptcy. It’s important to consult your bankruptcy attorney about taxes and bankruptcy.
The tax settlement application requires several pieces of paperwork, as well as specified supporting documents. Depending on your assets and whether you own a company or LLC, the forms needed will change. This can create significant confusion if you try to navigate the process alone.
Our settlement of tax debt attorneys can help you assemble the correct documents and file the paperwork correctly and on time. Without legal help, many people ruin their chances of a tax settlement by filing incorrectly or missing vital documents.
It’s important to note that the IRS charges a $205 application fee to file for a tax settlement. This is to ensure that those who file are doing so out of serious necessity, not simply as an attempt to save money.
If you believe that you are eligible for a settlement of tax debt, you need to hire legal help right away. Without legal support, the process can be incredibly intimidating, and many people do not receive the tax settlement they need. Our firm is here to make sure that you navigate the process correctly, and receive the tax settlement that you deserve.
For more information on how we can help you, contact Tax Smith Tax Attorneys today.
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