Tax Season So Far All About Refunds, But What If You Need IRS Tax Debt Reduction Assistance?
Tax season started in January, and the IRS announced recently that as of February 20th, the federal agency has issued $125 billion in tax refunds, and processed 50 million tax returns. This means the average refund for an average US tax payer is $3,120. A whopping 83% of the filers qualified for tax refunds so far. Some of us are not so lucky.
Not surprisingly, the IRS added that tax payers who file early are usually the workers who know they will receive a refund, which makes filing taxes somewhat pleasant. If you are dealing with IRS Tax Debt issues, we may be able to help.
Although as many as 8 out of 10 tax filers generally qualified for a refund over the last several years, not everyone has enough money taken out of their paychecks. Independent contractors often owe money; since they are not employed, taxes are not already taken out. These groups can find themselves in serious IRS debt, with no great way of paying this money back.
If you have IRS Tax debt, the IRS can seize your bank account, your paycheck, and other assets in order to get their money back. Not many people with tax debt know that our SC tax attorney will work with the IRS to relieve some of the burden of your IRS debt.
For example, if you do not have the resources at all to pay your IRS debt, you can file for Non-Collectable Status. Tax payers can qualify for this status if there is no extra money in a paycheck for savings, after bills, rent or mortgage, etc have been taken out. The IRS will suspend your tax payments if you qualify for this status, so that you can focus on providing for your family.
If you have some money left over, but the burden of your IRS debt is too great to pay all at once, you may be able to negotiate an installment agreement. You must provide the IRS with all your financial information to verify how much you are able to pay toward your tax debt. If your offer is accepted, any refund you receive in a calendar year will be applied toward your IRS debt. Even if your offer is rejected, you still have the right to appeal the decision.
The IRS debt appeals process is complicated. Our IRS debt reduction attorney offers a free consultation to help you navigate the process.
The Strom Law Firm Can Help Reduce IRS tax Debt
If you file your taxes this year and find that you owe more money than you can afford, or if you find that you owe money from misfiled tax information from previous years, you could feel lost or alone. However, it is important to be proactive about your IRS debt, because the federal agency can and will come after your assets, which could put you in a worse financial position. In order to resolve your IRS debt as soon as possible, consider hiring an IRS tax solution attorney for help. The Strom Law Firm understands state and federal tax laws, and can help you with negotiations involving the IRS or the South Carolina Department of Revenue. Contact us today for a free consultation on your IRS debt. 803.252.4800