Taxes are burdensome, and we can all agree on that. It’s not just the act of paying that can be frustrating. In fact, more often than not, it is the process of calculating and filing taxes that frustrates and overwhelms people. Yet, even though it is all quite tiring at times, it absolutely has to be done.
After all, failing to file and pay taxes can come with quite significant consequences. Your home, your assets, your paycheck… Everything is threatened when you don’t file and pay your taxes on time, and if you, thus, wind up owing the IRS. Naturally, the consequences will differ based on how much you actually owe. The good thing, though, is that there are also varying options for remedying the situation, and you should be aware of those as well.
Most probably, you understand already what your best option is when you wind up owing money to the IRS. In short, you can work with an atlanta area tax attorney that is well versed on the laws and regulations and that will help you come out of the situation. Yet, chances are that you want to get a clearer idea about what happens if you owe a certain amount of money, as well as about what you can do so as to fix the situation, before you proceed towards partnering up with these pros.
So, those are the questions that we will be dealing with today. Together with the question of how you can find and hire the right tax attorney to help you with your situation. Let us, however, take this one thing at a time, answering all the questions for you and helping you, thus, get a clearer understanding on pretty much everything you need to know if you owe money to the IRS. After that, we’ll let you know how you can choose the right attorney in Atlanta.
So, What If You Owe the IRS More Than $15000?
As I have mentioned above already, the consequences differ based on how much you actually owe. And, if you owe more than $15000, you are bound to get quite worried, thinking that the consequences can be rather severe. Well, you should be worried, because the IRS certainly doesn’t take this lightly, and they will do everything in their power to collect those.
Thus, the IRS has various tools at its disposal that they can use to collect the taxes. Garnishing your wages, seizing your assets and imposing liens on your property are just some of those tools. So, if you’ve been underpaying your taxes for a while and if you’ve been hit with interest and penalties, which has led to your debt accumulating to more than $15000, you should understand the seriousness of the situation and the steps that the IRS can take to collect what you owe them. In addition to that, you should also understand the steps you can take so as to resolve the problem.
Here’s what you should do to keep the debt from getting larger: https://www.washingtonpost.com/business/2024/04/10/owe-taxes-file-tax-return/
What Can You Do About It?
Now, after you’ve understood that this is not a situation to be taken lightly, and that you shouldn’t just dismiss the problem, hoping that it will go away all on its own, the next thing you will have to do is figure out what to do about the issue. And, there are numerous steps you can take so as to at least manage to not make the situation worse. Additionally, some of those steps will also help you get out of the debt in the best way possible and thus get rid of all the stress and the frustration that comes with owing the IRS.
First things first, you should still file your taxes correctly and on time even if you owe the IRS already. By doing so, you will avoid additional penalties and interests that would actually add to your debt. Clearly, you don’t want to make a bad situation worse, which is precisely why you should keep on filing your taxes even after you’ve gotten in debt with the IRS. And, on top of that, you should ensure that you’re not making any mistakes when filing the returns, because some errors or omissions can lead to higher bills.
You may be operating under the assumption that you have to pay the entire debt in full right away, and that could pretty much be impossible for you, since you don’t have that kind of money just lying around and waiting for you. The good thing, though, is that there are other solutions. In short, the IRS can offer specific payment plans that could work for you, allowing you to settle your debt over time, instead of paying everything at once. Then, there is the Offer in Compromise (OIC) option which allows you to pay less than the full amount you owe, so check if you qualify for that as well.
The best thing to do, of course, if hire a tax attorney and let them guide you on your path towards getting out of debt. The experts will know whether you qualify for the payment plans or for the OIC, and they will take the necessary steps towards fighting for you and getting you out of the frustrating situation. Getting professional help will make navigating the complexities of dealing with the IRS much easier. Click this to get some ideas on how to hire the perfect attorney.
How to Hire the Right Tax Attorney?
Clearly, hiring the right tax attorney is extremely important if you want to make sure that you’re getting the best representation and that you will, thus, get the perfect solution to your problems. Therefore, don’t hire anyone on the spur of the moment, and, instead, take as much time as you need to research different pros in your area. There are, without a doubt, plenty of great tax lawyers in the Atlanta area you can consider, and it is your task to compare their levels of experience, their qualifications, their reputation, as well as the fees they are charging for the services they are offering, and then make your choice.