What Are the Advantages of Hiring a Tax Lawyer?
Last year, 57% of U.S. households paid no federal income tax because of stimulus, COVID-relief funds, and tax credits. With fewer perks following 2020, people find themselves struggling with tax debt this season.
If you don’t know how you are going to afford to pay your taxes, hiring a tax lawyer can help.
What exactly can they do for your situation? Keep reading to learn the advantages.
Settle Your Outstanding Debt
A tax lawyer can help you settle and simplify your outstanding debt. These attorneys know your rights and can connect you with settlement programs to reduce overall debt.
Before you agree to a program, a lawyer will simplify the terms and negotiate on your behalf. They’ll help ensure you are making payments for less time.
You might qualify for an Installment Agreement or an Offer in Compromise to help you pay your debt over time. These programs make the price of hiring a lawyer for tax debt worth it.
You can find more information on tax attorney pricing at https://silvertaxgroup.com/tax-attorney-pricing/.
Safeguard Bank Accounts, Wages, and Property
Paying taxes might come in different methods. For example, the IRS can use a bank account levy to withdraw money straight from your account.
The IRS can garnish wages by taking a chunk of your paycheck before it gets to you or they can place a lien on your property. To satisfy your debt, they might seize your home or property.
The IRS will first notify you and allow you to make payments before doing any of the above methods. If you ignore the debt, your assets will be on the line.
You can tackle your tax debt faster and protect bank accounts, wages, and property when you hire a tax resolution lawyer.
Reduce Interest and Penalties
If you owe the IRS money after negotiation, a tax attorney can work to lower other unexpected fees. In your outstanding bill, you might owe interest and penalties that have accrued on your balance.
To help prevent these fees from growing larger over time, hiring a lawyer is key. They can help you understand the tax code and explore options that can eliminate fees.
Saving money on taxes is a lot easier without additional fees that increase in the long run.
Protect Your Credit Score
The IRS won’t report tax debt to any of the credit bureaus. However, failure to pay your taxes allows the IRS to file a Notice of Federal Tax Lien. This means your debt will become a public record and show up on a credit report.
The result could be a lower credit score. Paying taxes by entering into a payment agreement or another compromise with the IRS is possible with a tax attorney.
Get Help by Hiring a Tax Lawyer Now!
Dealing with the IRS on your own can be complicated and intimidating especially if you owe taxes. You don’t have to go through it alone and can instead hire a professional who knows the ins and outs of the process.
Don’t carry the burden of tax debt on your shoulders. Hire a tax lawyer who can evaluate your circumstances and help you receive fair treatment.
For more educational articles like this, check out the other posts on our website.
