Phelps Tax Debt Attorney
Defense Tax Partners has handled thousands of unique tax debt cases over the years. Although you may feel that yours is hopeless, our Phelps tax debt attorney is more than capable of helping you resolve your tax liabilities.
We know how the Internal Revenue Service (IRS) works and understand that they want to get paid one way or another. So before they resort to levying your properties, we can help you assess your financial situation and identify a better way of settling your debts.
Included in your options are entering into an installment agreement with the IRS or even filing for bankruptcy. You can also apply for a currently not collectible (CNC) status and have more time to fund your payment.
Take note that the IRS only has ten years to collect your tax debts—perhaps even more under some exemptions. It’s best to resolve your debts today than watch them grow along with interests and penalties.
Call Defense Tax Partners at (414) 441-1407 for your Free Consultation with a Phelps Tax Debt Attorney!
Methods for Tax Debt Relief
If you leave your tax debts for too long, penalties and interests will increase exponentially, which will make it more difficult for you to pay the IRS back. The situation might even become worse if you experience a sudden financial crisis due to medical emergencies or unprecedented job loss.
Fortunately, the IRS offers various forms of tax debt relief through which our Phelps tax debt attorney can help you sort. We will help you prepare the required paperwork for the application and represent you during appointments with the IRS or the Wisconsin Department of Revenue.
Different methods for tax debt relief include:
“Currently Not Collectible” Status
If you prove to the IRS that you currently have no income nor assets that could be used to pay your tax debts, your account may be put under the CNC status. This means that the IRS will temporarily stop collecting your debts, although your penalties and interests will continue to accrue.
The IRS will also conduct regular assessments to ensure that your financial status didn’t improve past the eligibility requirement for the CNC status.
Filing for Bankruptcy
Although this will hurt your credit score, filing for bankruptcy is one way to eliminate your debts. Chapter 7 bankruptcy can wipe out part or all of your tax debts, depending on which of your debts is classified as dischargeable.
Chapter 13 bankruptcy, on the other hand, can reduce the penalty on your tax debts and enter you into a repayment plan, which could last between three to five years.
Innocent Spouse Relief
If you filed a joint tax return with your spouse or ex-spouse and later incurred some penalties, debts, or interests due to some errors, you may claim an innocent spouse relief. Our lawyers can help get your claim approved by establishing that you have no knowledge about the data error.
Separation of liability relief and equitable tax relief are two other provisions for people with trouble with joint tax returns.
If you’re unable to pay your tax debt in full, you may enter into an installment agreement with the IRS. This will let you pay your debts through low monthly installments for as long as six years. This debt relief method has a high approval rate from the IRS since they can be sure that they’d get what they’re due, even if it’s not through a one-time payment.
“Offer in Compromise” Program
If your wage is just enough to survive, your assets aren’t worthy of being levied, and you are not financially capable to stick to an installment plan, the IRS may accept an offer in compromise. This means that you get to settle your debt with an amount lesser than what you owe.
However, you should offer an amount reasonable enough based on your total liability and earning potential. For some, they were able to settle their debts with less than 20% of what they owe.
IRS Tax Debt Attorney
Our Phelps tax debt attorney will assess your circumstances and financial opportunities, helping you determine which relief option is best to help you settle your debts and regain financial stability in a more efficient and long-lasting way.
The application for each option requires specific eligibility points, and the process can be slightly more stressful than what you expected. To make everything more manageable for you, we can handle the document preparation as well as represent you in any necessary meetings.
Aside from tax debt settlement, we also offer legal assistance for all sorts of tax-related issues, such as:
1. Tax Preparation
2. Passport Reinstatement
3. Tax Resolution
4. Tax Lien Removal
7. Bank Levy Removal
8. Audit Representation
9. Wage Garnishment Removal
10. Innocent Spouse
Regardless of what your tax concern is, don’t hesitate to contact Defense Tax Partners. Our knowledge and experience in dealing with federal and state tax laws can successfully give you the best outcome possible for your case.
Let’s Talk Now – Free Consultation
If you truly value your financial freedom, don’t leave your tax liabilities unresolved for too long. As soon as you can, work with a tax expert and look for options where you can pay off your debts in a more manageable way.
Call Defense Tax Partners today at (414) 441-1407 for your Free Consultation with a Phelps Tax Debt Attorney!