Finding debt solution is one of the top priorities for people looking to get rid of tax debt as quickly as possible. If you contact any tax specialist, you will come across several ways to avoid proceedings that are being made by the IRS to collect their money. One thing is sure that you owe to the IRS and you need to pay. However, you can strategize it so that you don’t need to pay everything which is being asked by the IRS. A professional and expert tax attorney can help you in reducing your tax amount with the help of IRS debt relief.
Before you make strategy to deal with IRS tax debt, you should keep your cool so that you can implement all the knowledge you have and can enjoy every benefit that you might get from the tax authority. First of all, you should not get panic at all once you find letter from the IRS that you owe X amount of money to them. IRS is not going to hit your place the moment you come to know that you owe large sum of money. But it doesn’t mean that you should ignore the letter and wait for more severe proceedings to happen. It’s always recommended that you should file your taxes. In case, you don’t file at all, you would need to pay 5% penalty of non filing. The penalty is not based on yearly but 5% will be charged per month. Moreover, 5% non-filing penalty increases by 5% every month and can reach up to 25%.
Once you receive letter from IRS, it’s obvious that you need time to prepare yourself with the taxes. Therefore, you should send a written request to the IRS that you are refraining from paying debt however, as of now you can’t pay. You can get 45 days extension from IRS. Don’t take it as a permanent solution because within 45 days you need to prepare strategy to plan and prepare your taxes and arrange money to pay to the IRS. You should be ready to deal with the IRS directly. There are several options provided by the IRS to pay off your tax debt. You can also settle your tax debt. However, you need to have good negotiation skills. Therefore, large number of debtors try to hire a tax attorney so that their case can be handles in a professional manner.
Tax professional would know how to deal with the IRS because he/she is well aware of the work ethics of the tax authority. Before hiring a tax professional, you should check if he/she has got the experience and qualification you are looking for.