Texhoma IRS Tax Settlement
As a taxpayer, it is crucial that you are able to fulfill your tax responsibilities, or else you will find yourself under the watchful eyes of the Internal Revenue Service (IRS). The agency is well-known for being persistent when it comes to collecting tax debt from errant taxpayers who are unable to pay their taxes on time or completely. If the taxpayer continues to ignore their tax liabilities, the agency can apply property levies, wage garnishment, and other similar actions.
Defense Tax Partners offers one of the best Texhoma IRS tax settlement legal assistance you can find in the state, which won’t disappoint you. We offer personalized legal assistance to meet the client’s needs by examining their financial records and matching them with the right tax relief programs offered by the IRS to resolve the tax issue at hand. We will also educate you about these programs and negotiate on your behalf to increase your chances of getting your application approved.
Once you reach out to us, we promise that we will be with you throughout each step so you understand the legal process we will take to settle your taxes. With this knowledge, you will be able to avoid experiencing the same problem again in the future and gain a better appreciation of taxes.
Call Defense Tax Partners at (405) 963-3143 for your Free Consultation with an Texhoma IRS Tax Settlement attorney!
Settling Tax Debts
It is crucial that you pay your tax debt early because you may end up accumulating tax penalties that will double the amount you will pay the tax agency every month. If you are not able to reach an agreeable settlement with the IRS, you may end up defaulting to your tax debt and end up facing legal troubles that will haunt you in the future.
When you think that you are going to have problems settling your taxes with the IRS, you should approach a trustworthy and experienced Texhoma IRS tax settlement team who can help you apply for tax relief. They will increase your chances of getting your application approved and help you resolve your tax debt once and for all.
Here are examples of tax debt relief programs that we at Defense Tax Partners can look in for you and help you apply for them:
“Currently Not Collectible” Status
If you are unable to pay your taxes for a legitimate reason and have no property or income sources, you can apply for the currently not collectible status. When you are approved for the status, the IRS will not collect your tax debt for a year. However, you will need to pass the IRS’ stringent review to see if you qualify for the status, and you can prove that you will be able to pay your debt back after a certain period.
Filing for Bankruptcy
Filing for bankruptcy is one of the most popular ways to settle taxes, even though it can be a bad mark on one’s credit history and affect one’s capacity to avail themselves of financial services in the future.
Chapter 7 bankruptcy involves eliminating all or a portion of the tax debt. Meanwhile, Chapter 13 allows taxpayers to get their tax debt paid in an installment plan and come with lower penalties or additional fees. We can determine the right bankruptcy plan that works best for you and assist you in preparing the documents the IRS will ask to consider your application.
Innocent Spouse Claim
If your spouse or ex-spouse committed a tax error or has tax debt, you can file for an innocent spouse claim so that the tax agencies do not include you in their investigations. It will also save you from being held liable for their tax debt.
To qualify for this status, you will need to prove to the IRS that you have nothing to do with your spouse’s or ex-spouse’s finances and the errors they have made in your joint filing. Aside from this claim, you can also opt for separation of liability relief or equitable tax relief to protect you from investigations regarding your spouse’s finances. Our team can help you determine which is the best option for you.
Installment Agreement (with Partial Payment Plans)
The installment agreement is the most common tax relief option a taxpayer can make, especially if they find the standard tax payment requested unaffordable due to their financial situation. We can help you negotiate with the IRS to adjust the payment term and amount to make it manageable to keep up with. Usually, the payment terms vary depending on the tax amount and penalties you have to pay; but the longest could be up to six years.
“Offer in Compromise” Program
The IRS offers the “offer in compromise” program to taxpayers who cannot pay for their tax debt in the future, even if they can apply for an installment payment plan or property levies. Under this program, qualified taxpayers can pay the agency with a lump-sum payment that amounts to less of their total debt with the rest of the tax debt forgiven.
Getting into the program can be difficult, but those who qualify and get approved may be asked to pay at least 20% of their total liabilities. If this is the program that can help you with your tax debt, we can defend your position to the IRS so they can consider your application.
Statute of Limitations
Once the IRS sends a notice that they will collect your tax debts, they have only ten years to conduct collections. After ten years, they are legally barred from continuing their efforts to collect your tax debt. However, it is important to note that there are certain exemptions to this law that will allow the IRS to continue persisting in collecting your tax liabilities. Our Texhoma IRS tax settlement team can check if your situation will fall under the statute of limitations and help defend your case if necessary.
How Our IRS Tax Settlement Lawyers can Help You
Whether you find yourself facing problems settling your taxes either with the state revenue department or the IRS, our Texhoma IRS tax settlement legal team can look into your case and assist you in taking the right legal action to settle it without additional complications. We guarantee personalized legal services to any client, ensuring that they receive the legal assistance that is perfectly suited to their situation.
When you reach out to us, we will review your financial situation to determine what is causing your inability to settle your taxes and determine the best way you can settle it. We will explain the options available so you can understand how they work and even be with you through the application process for a better chance of approval. Our team is committed to helping you get your finances in order and not have to worry about dealing with either state or federal tax agencies in the future.
Defense Tax Partners can also help you with the following tax situations:
- Tax Resolution
- Tax Preparation
- Audit Representation
- Tax Lien Removal
- Penalty Abatement
- Passport Reinstatement
- Wage Garnishment Removal
- Bank Levy Removal
No matter what kind of tax issue you may have, you can trust Defense Tax Partners’s experienced legal team to help you out. We guarantee that we will make the process stress-free and help you gain a better understanding of your finances and taxes.
Let’s Talk – Compassionate Legal Advice
If you have problems with your tax debt and don’t know how to settle them without facing penalties, don’t hesitate to contact Defense Tax Partners today. Our Texhoma tax law firm will show you the various options available at both state and federal levels to help you settle your taxes without any worries and give you the legal assistance needed to get your application approved.
Call Defense Tax Partners at (405) 963-3143 for your Free Consultation with an Texhoma IRS Tax Settlement attorney!