Bowling Green Tax Debt Lawyer
When it comes to paying and managing taxes, there is no question that the IRS can be a daunting opponent. If you owe any amount of money to the IRS, they have a variety of tools at their disposal to collect that debt. They can garnish wages, put a lien on any number of your properties, or even seize your assets. These scenarios can be very scary for the average person trying their best to comply with the tax laws. However, even for the most determined taxpayer, there may come a time when it is impossible to pay the IRS what you owe them. This is where a Bowling Green tax debt attorney can help.
A tax debt attorney specializes in helping people resolve their debts to achieve tax resolution. They can help you negotiate with the IRS to try and reduce the amount of money you owe or even set up a payment plan. They can also help you if the IRS has already taken action against you. If you are currently facing any form of tax debt, it is important to seek out the help of a tax debt attorney as soon as possible.
Representing The Bowling Green Community With Tax Debt Support
At Mockensturm, Ltd., our primary focus is on representing the Bowling Green community with tax debt support. We understand how scary and crippling it can be to owe money to the IRS, and we are here to help resolve your debt. Our tax debt attorneys have a wealth of experience dealing with the IRS, and they can help you negotiate a payment plan or reduce the amount of money you owe. If the IRS has already acted against you, we can help you resolve that issue as well. Contact us today to meet with one of our tax debt attorneys. We are here to help you resolve your tax debt and get your life back on track.
What Services Can A Bowling Green Tax Debt Attorney Provide?
A Bowling Green tax debt attorney can provide a variety of services to help you resolve your tax debt. These creative options to eliminate or reduce your debt may include:
- Offer in compromise. This is an agreement between you and the IRS where you agree to pay less than the total amount of your debt. This option is only available if you can prove that you cannot pay the full amount of your debt.
- Installment agreement. This is an agreement between you and the IRS where you agree to make payments on your debt over time. This option is available to anyone that can show they are unable to pay the full amount of debt all at once.
- Currently not collectible status. This status is given to taxpayers who are unable to pay their debt due to financial hardship. This status stops the IRS from taking action against you for a period of time.
- Penalty abatement. This is a request to the IRS to waive or reduce the penalties that have been assessed on your account. This option is only available if you can show that you have a valid reason for not paying your taxes.
- Innocent spouse relief. This form of tax settlement is available to married taxpayers, and one spouse is liable for the tax debt. This relief can help you avoid being held responsible for the debt if you did not know about it or did not have a hand creating it.
These are just a few of the options that may be available to you. A tax debt attorney will determine which option is best for your situation.
What Are Wage Garnishments? How Can They Be Stopped Or Prevented?
Wage garnishments are a very common tactic used by the IRS to collect on tax debts. A wage garnishment is when the IRS orders your employer to withhold a certain amount of money from your paycheck and send it to the IRS. This can make it very difficult to make ends meet, especially if you are one of the many Americans who have tight budgets and live paycheck to paycheck.
This also can have an impact on your credit score. When your employer reports the wage garnishment to the credit reporting agencies, it will show up on your credit report as a debt. This makes it difficult to qualify for a loan, rent an apartment, or even get a job.
The good news is that there are solutions and strategies to stop or prevent wage garnishments. A tax debt attorney can help you negotiate a payment plan with the IRS that will allow you to keep your paycheck. Having wage garnishments immediately halted by an attorney can help tremendously and get you back on track to a better financial future.
What Refinancing Options Are Available To Homeowners Who Owe Taxes?
If you own a home and you owe taxes, you may be able to refinance your mortgage and use the equity in your home to pay off your tax debt. This can be a great way to get rid of your tax debt without having to sell your home.
You will need to have good credit and equity in your home to qualify for this type of loan. You will also need to be current on your mortgage payments. If you are behind on your mortgage, you will need to catch up on your payments before you can refinance.
If you are considering the refinance of your home to pay off your tax debt, you should speak with a tax debt attorney to see if this is the right option for you. They can help you understand the process and ensure you get the best possible deal.
What Are Some Of The Risks Of Not Paying My Taxes?
There are several risks associated with not paying your taxes. The first is that the IRS can take action against you to collect the money you owe. This can include wage garnishments, levies, and seizures. The IRS can also file a tax lien against your property, which will impact your credit score.
Another risk of not paying your taxes is that you may be subject to criminal charges. The IRS can charge you with tax evasion, which is a felony if they believe that you have willfully tried to avoid paying your taxes.
The best way to avoid these risks is to contact a tax debt attorney as soon as you realize that you owe taxes. They can help you negotiate a payment plan with the IRS or work out an offer in compromise. Owing taxes is not a crime, but trying to avoid paying them can be.
What Are Some Tips For Negotiating With The IRS?
If you owe taxes and do not have the means to afford to clear the full amount, options exist to negotiate a payment plan with the IRS. The first step is to directly contact the IRS and let them know that you cannot pay your taxes. They may be willing to listen to your story and work with you if they believe that you are making a good faith effort to pay your taxes.
It is important to be honest with the IRS and to have all your documentation in order. You should also be prepared to negotiate. The IRS may accept a lower amount than what you owe if you make a lump sum payment.
If you struggle to negotiate with the IRS, you may want to consider hiring a tax debt attorney. They can help you negotiate a fair payment plan and make sure that the IRS is following the law.
Is Bankruptcy An Option For Me If I Owe Taxes?
Bankruptcy may be an option for you if you owe taxes and you cannot pay your debts. This is a last resort option. It should only be considered if you have exhausted all other options.
If you file for bankruptcy, your tax debt will be discharged. This means you no longer owe that money to the IRS. However, there are some risks associated with bankruptcy.
You may not have the ability to discharge all of your debts. This means that you may still owe money to the IRS after you file for bankruptcy. For some people, this semi-reduction can be exactly what they needed to get out from under the weight of their tax debt. For others, it might not be enough financial assistance.
Also, filing for bankruptcy will impact your credit score. Bankruptcy status is reported to credit agencies and will stay on your credit report for up to 10 years. Creditors want to know that you had to recently resort to bankruptcy to repay your debts, and they will be less likely to lend you money in the future until the bankruptcy is removed from your credit report.
You also may have to give up some of your assets if you file for bankruptcy. This includes your home, your car, and other property that you own. The court will decide what assets you have to give up in order to repay your creditors.
You should speak with a tax debt attorney before you file for bankruptcy. They can help you understand the risks and benefits of this option.
How Do I Find Good Tax Attorneys?
If you are having trouble paying your taxes, you may want to consider hiring a tax attorney. They can help you negotiate a payment plan with the IRS tax you owe or work out an offer in compromise.
There are a few things to look for when you are choosing a tax attorney. Consider seeking the following qualities in your attorney:
- Experienced in dealing with the IRS. You want an attorney who knows the ins and outs of IRS procedures. They should be able to negotiate on your behalf and leverage best practices from their past cases to help you succeed.
- A good communicator. You want an attorney who can clearly explain the tax law to you and help you understand your options. They should also be able to keep you updated on the status of your case and answer any questions you may have.
- A member of the American Bar Association’s Tax Section. This shows that the attorney is up to date on the latest changes in tax law, keeping you from being blindsided by new IRS procedures.
- An expert at legal negotiation. You want an attorney who is a master of language and the art of persuasion. They should be strategic in their approach and be able to negotiate on your behalf to reduce or eliminate your tax debt.
- A good reputation. You want an attorney who has a good reputation in the legal community. They should be respected by their peers and have a record of winning cases. Checking online reviews and word of mouth can help shape your opinion of an attorney’s reputation.
These criteria metrics will help you choose a tax attorney who is qualified to help you with your case, in addition to other important qualities such as cost, which is a more personalized factor.
Tips To Avoid Tax Debt In The Future
The best way to avoid tax debt is to be proactive and stay on top of your taxes throughout the year. These tips can help you avoid tax debt in the future:
- File your taxes on time. This may seem like an obvious one, but it’s important to file your taxes on time, even if you can’t pay the full amount owed. The IRS charges interest and penalties on late taxes, so it’s important to file on time and pay as much as you can to avoid accruing more debt.
- Pay your taxes throughout the year. If you are self-employed or have income from investments, you are responsible for paying taxes throughout the year, not just when you file your taxes. This can help you avoid a large tax bill at the end of the year.
- Keep good records. Good record-keeping is important for both filing your taxes and in case you are audited by the IRS. Keep records of all your income, deductions, and expenses so that you can easily file your taxes, have the documentation to back up your deductions, and embody tax audit representation excellence.
- Know the tax laws. It’s important to stay up to date on the latest changes in tax law. This way, you can take advantage of deductions and credits and avoid penalties. You can find information on the IRS website or speak with a tax attorney to keep up with the latest changes.
- Plan for big life changes. Life changes, such as getting married or having a baby, can have a big impact on your taxes. It’s important to plan ahead so that you can take advantage of deductions and avoid penalties. Speak with a tax attorney or financial advisor to help you plan for big life changes.
Following these tips can help you avoid tax debt in the future and keep more money in your pocket. If you have steered off course once before, it’s never too late to start fresh and make changes to avoid it from happening again.
What Are Some Defenses A Bowling Green Tax Debt Attorney Can Use On My Behalf?
If you have tax debt, there are a few defenses that a Bowling Green tax attorney can use on your behalf. These include:
- The debt is not valid. This defense can be used if you believe that the debt is not valid or if you have been incorrectly identified as the taxpayer.
- The statute of limitations has expired. This defense can be used if the IRS has not taken action to collect the debt within the statute of limitations.
- The IRS made a mistake. This defense can be used if the IRS made a mistake in calculating the amount of tax owed.
- You can’t afford to pay. This defense can be used if you cannot afford to pay the amount of tax owed and need to arrange a payment plan.
- You are not responsible for the debt. This defense can be used if you are not responsible for the tax debt, such as if it was incurred by a spouse or business partner.
If you have tax debt, there may be a defense that can be used on your behalf. Speak with a Bowling Green tax attorney to discuss your options and find the best defense for your situation.
Contact Mockensturm, Ltd. For Tax Debt Relief In Bowling Green
If you are struggling with tax debt, Mockensturm, Ltd. can help. We offer a variety of services to help taxpayers in Bowling Green get the tax debt relief they need to get back on track. We can help you negotiate with the IRS, set up a payment plan, and even file an offer in compromise. Our Bowling Green team offers a judgment-free consultation to help you understand your options and find the best solution. Contact us today to schedule a consultation and work together towards a solution.