Venice Tax Debt Settlement Lawyer

Venice Tax Debt Settlement Attorney

Missing a tax payment to the Internal Revenue Service (IRS) can lead to penalties, which may continue to be assessed if you continue not to pay. On top of this, your debt can accrue interest. This is a stressful situation that some taxpayers may try to ignore, but this does not help. If you are not financially able to pay the IRS your back taxes, a Venice tax debt settlement lawyer can help you negotiate different kinds of tax debt settlements.

Hire a Tax Debt Settlement Lawyer From TaxSmith, LLC

Tax debt settlement can help in different ways. It may give you more time to pay back your debt or remove some of the debt from your total liability. At TaxSmith, LLC, we can help find what is most useful for your financial situation and what you qualify for. We have over a decade of experience in state and federal tax codes, and we have seen the serious ways that tax debt can affect someone’s life. By taking action, you can avoid worse penalties.

Our firm knows that taxes are often very frustrating, especially when you are dealing with financial hardship. We bring empathetic and transparent legal advice, helping you understand the situation and your options to resolve your debt.

Collection actions can garnish your wages, affect your property, and lead to bank account seizures. Our firm is dedicated to offering honest and clear information to taxpayers dealing with difficult situations, working to avoid these more serious collection actions.

Understanding a Tax Debt Settlement Through the IRS

Certain errors or sudden emergencies can make taxpayers fall behind on payments or leave them with penalties. Many taxpayers can find themselves with tax debt they can’t afford. It’s important to understand that the IRS is willing to work with these taxpayers. The IRS helped over 62 million taxpayers in 2024, including over 2 million contacts through Taxpayers Assistance Center Offices, like the one near Venice in Sarasota on 5971 Cattle Ridge Boulevard.

While not every taxpayer can qualify for a tax debt settlement, some do. If you wouldn’t be able to meet your basic living needs by paying the debt, or you don’t have the resources to pay it, there may be options for negotiating how much you owe the IRS or when you pay the full amount.

Tax Debt Settlement Options in Venice

You may be able to use tax debt settlement options like:

• An installment agreement: Installment agreements are a payment plan offered by the IRS. In 2024, the IRS established 3.4 million new installment agreements with taxpayers. In this arrangement, you still have to pay the full debt, but you can pay it monthly for a set period, rather than all at once. This is very useful for taxpayers on a set monthly budget. Entering into an installation agreement also pauses many collection actions.
• Penalty abatement: There were 5.7 million civil penalties assessed by the IRS in 2024, totaling nearly $84.1 billion. Penalty abatement is a way that taxpayers can remove specific penalties and their accrued interest. It reduces the total debt owed. Taxpayers may qualify for first-time penalty abatement or may have a reasonable cause outside of their control that caused the penalty.
• Currently Not Collectible status: This puts a temporary pause on collection for your debt, and is most useful when your financial hardship is also temporary.
• Innocent spouse relief: The IRS may forgive debt that was incurred by your spouse or ex-spouse, and you are responsible for because of joint filing. You have to prove you did not see a financial benefit from the money your spouse saved by not paying the IRS.
• Offer in compromise: An offer in compromise lets you settle your full debt for a lower amount. It can be incredibly useful for taxpayers who need a fresh start, but they are very hard to secure. The IRS approved nearly 7,200 offers in compromise out of nearly 33,600 offers made in 2024.

FAQs About Venice, FL Tax Debt Settlement Law

Who Can Help Me Settle My Tax Debt?

A tax debt settlement lawyer could help you settle your tax debt. When an attorney has the right licensure, they can negotiate directly with the IRS or the DOR for you. This can make it much easier to navigate debt settlement. An attorney can consider your financial and personal situation to assess the options for settling your debt with these agencies. Taxpayers who do this alone are much less likely to be able to negotiate for the least costly option.

How Much Does a Debt Settlement Tax Attorney Cost in Florida?

The cost of a debt settlement tax attorney in Florida depends on how complicated your tax debt case is and the specific attorney you work with. A more experienced attorney often has higher fees, but may be more effective at efficiently securing a better outcome for you. When your case is fairly straightforward, it may not be as expensive. When you go over your case with an attorney in a consultation, discuss their fees and fee structures.

Is Hiring a Tax Attorney for Tax Debt Worth the Cost?

Yes, it is often worth the cost for those with tax debt to hire a tax attorney, particularly for taxpayers who cannot afford to pay back their debt. An attorney is more effective at negotiating a payment plan, penalty reduction, or an offer in compromise. Taxpayers who handle these issues alone might agree to a payment plan that causes them financial hardship, or fail to show that they do qualify for an offer in compromise, leading to a denial.

What Is the Ideal Type of Tax Debt Settlement?

The ideal type of tax debt settlement depends on your financial situation, because you may not qualify for all types of IRS tax debt settlements. An offer in compromise is often considered the ideal way to resolve your debt, as it erases your entire debt after you pay an amount less than the full debt. However, few taxpayers qualify, and fewer are approved. When you hire a tax debt settlement lawyer, they help find the ideal debt settlement for you.

Contact Venice Tax Debt Settlement Attorney

Our team can help you pick the type of debt settlement that you qualify for and that offers the most financial benefits. Reach out to our firm today.

Venice, FL Tax Debt Settlement Law Additional Resources:

Tax Liens in Florida

• How to Remove a Tax Lien in Florida
• Federal Tax Lien Statute of Limitations in Florida
• How Long Does a Tax Lien Last in Florida?

Tax Debt & IRS Issues in Florida

• How to Get Out of Tax Debt in Florida
• Can a Tax Attorney Negotiate with the IRS to Resolve Tax Debt Issues in Florida?
• IRS Offer in Compromise in Florida
• How to Negotiate a Tax Debt Settlement with the IRS in Florida
• Tax Settlement Options for Florida Residents