Melbourne Tax Debt Settlement Lawyer

Melbourne Tax Debt Settlement Attorney

Tax debt can affect many taxpayers as the result of sudden emergencies, unexpected financial obligations, or other life circumstances. When you owe tax debt, it can impact many financial aspects of your life and cause immense stress. If you owe back taxes to the Internal Revenue Service (IRS) or the Florida Department of Revenue (DOR), you should not ignore this. Instead, find a skilled Melbourne, FL, tax debt settlement lawyer to help you navigate this issue.

Experienced Tax Debt Settlement Attorneys Supporting Taxpayers in Florida

If you are unsure how to handle your tax debt and cannot financially pay the amount you owe, you need the skilled team at Tax Smith Tax Attorneys. For decades, we have helped taxpayers in our communities by providing tax advice and negotiating with the IRS and DOR. Our significant experience helps us quickly assess your tax debt and financial situation and determine how to resolve it.

Ignoring your tax debt will only worsen the situation. Address the issues as soon as possible with experienced legal representation from Tax Smith Tax Attorneys. We understand the stress and frustration that often comes with tax issues. We always approach cases with compassion and support. We give you the respect you deserve when determining your options for tax debt settlement.

When Are You Able to Get a Tax Settlement?

Tax settlements are not always possible for all taxpayers. You may owe back taxes, penalties for unpaid or late taxes, other penalties, and interests on all this debt. In most situations, the IRS expects you to pay this entire amount. If you do not have the financial ability to pay this tax liability, the IRS may allow other options and compromises. This allows the IRS to collect a portion of what they are owed.

This is a tax settlement. There are numerous types of tax settlements, which can result in the reduction of your overall tax debt, give you a longer time period to pay back the debt, or resolve your entire tax debt for a lower amount. While not everyone is eligible for these settlements, many taxpayers can eliminate or mitigate their tax debt through these methods. If you’ve missed a tax deadline, penalties and interest can quickly add up. Acting promptly with the help of an experienced tax attorney can mitigate these penalties and resolve any complications.

What Are the Types of Tax Settlements?

There are numerous potential options for settling your debt or pausing collection with the IRS in Florida. These include:

• Installment Agreement: An installment agreement gives you more time to pay back your tax debt. While you must still pay the full amount, it doesn’t require you to pay the full amount all at once. It also helps you avoid tax agency collection actions.
• Penalty Abatement: This allows you to waive specific penalties and their interests, limiting your overall debt.
• Currently Not Collectible: Marking your debt as Currently Not Collectible means you can temporarily avoid collection actions and not have to pay your debt. This option is ideal for individuals who have short-term financial difficulties.
• Offer in Compromise: This allows you to settle the entire amount of your tax debt for a lesser amount. Few taxpayers who apply for this option are approved. It is an option for taxpayers who cannot pay the debt without being put into financial hardship.
• Innocent Spouse Relief: If the tax debt was the fault of your spouse and you did not benefit from the money, you may qualify for this relief.

Facing an IRS tax audit or levy can be overwhelming, but a professional tax attorney can help you navigate the process, ensuring you remain compliant while pursuing resolutions to reduce your liability.

How Does an Attorney Help With Tax Debt Settlement?

An attorney can represent you and negotiate on your behalf when interacting with the IRS. This can significantly ease your stress during the process. When you bring your issues of tax debt to an attorney, they can look at financial information and debt information, determining what options you qualify for. A skilled tax attorney can represent you in negotiations with the IRS, ensuring that your interests are protected and that you pursue the best resolution for your situation.

They can help you understand what options are most effective at mitigating your tax debt and which you are more likely to qualify for. You can make informed decisions about your financial future. When you apply for a debt settlement option, your attorney can help you draft the application and avoid errors. This gives you the greatest chance of success.

FAQs

Q: Who Can Help Me Settle My Tax Debt?

A: The circumstances of your tax debt will affect who can help you settle it. A tax debt settlement attorney or a CPA are two of the most useful choices for navigating tax issues and tax debt. A CPA can help if you are financially capable of paying off the tax debt. If you have existing tax debt, cannot pay it, and need to negotiate the amount, a tax debt settlement attorney is helpful.

Q: Can a Tax Attorney Negotiate With the IRS?

A: Yes, a tax attorney can negotiate with the IRS if they are a fully licensed tax debt settlement attorney and it is their practice area. Your tax attorney can look at your financial circumstances and your debt and determine what options you qualify for to reduce or settle your debt. An offer in compromise is the most effective way to settle your debt for less, but it is difficult to obtain.

Q: How Much Can You Settle Tax Debt for?

A: Generally, the IRS will settle your tax debt for however much it believes you can reasonably pay. You must first qualify for an offer in compromise, providing an initial offer that the IRS either accepts or counteroffers. However, very few taxpayers qualify for an offer in compromise. It is important to discuss your financial situation with a qualified professional to determine what options you have to settle your tax debt, and to provide a more accurate initial offer.

Q: Do Tax Relief Companies Work?

A: A tax relief company can work, but you must always review the reputation, legitimacy, and past work of a company. Not all tax relief companies are legitimate businesses and may be trying to get money from struggling individuals without providing any help. Working with a CPA or an attorney is often a preferred option, as you can check the licensure and standing of these professionals, including an attorney’s state bar organization.

Tax Smith Tax Attorneys Can Help With Tax Debt Relief

If you need skilled legal representation to navigate paying back tax debt, contact Tax Smith Tax Attorneys today.