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Will a Tax Attorney Help If I Owe Back Taxes?

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If you’ve filed your taxes improperly over the years, some of the simplest mistakes may now be causing major problems for you. For example, you may have been contacted by the Internal Revenue Service only to find out they’ve performed an audit on your taxes and believe you owe them a significant amount of money. Most people are fearful of dealing with the IRS and don’t want to have any problems with them. If you’re one of those people, you may be worried about having your wages garnished or taking out all kinds of personal loans to pay back the large sum of money you currently owe.

While you may need to pay some money back to the IRS, it’s important not to get yourself too worked up over the situation. In fact, it’s far better to contact a tax attorney who can review your specific case and provide plenty of guidance while coming up with a favorable solution rather than stressing yourself out even more. The tax attorney has experience with the different tax laws and issues that often arise and he or she would be able to assist you with the tax-related problems you’re going through.

Know Why You Owe Money in the First Place

One of the first things you need to do is figure out why you owe money to the IRS in the first place. You may feel like you’re the only one, but thousands of people end up receiving these kinds of letters from the IRS informing them of mistakes that were made on their behalf during the filing process.

What types of mistakes were made when you were filing your taxes? You may have selected the wrong filing status or claimed the wrong deductions. If you own your own business and don’t have taxes taken out of your pay, you may not have set aside the right amount of money from your sales to go to your tax payments. When you run your own business, it’s a wise decision to set aside roughly 30{ee2a2ced2e83a70af3b12a5f5f4bc88f1c095ae1846c54ee750c7ec9c020c045} of your earnings for taxes.

Before going over the different things you can do to get out of this tax trouble, the tax attorney will help you figure out what went wrong and why you owe so much. It’s necessary to get to the bottom of the situation because you don’t want to end up with this type of frustrating tax trouble again in the future.

Get Professional Help Handling Any of the Legal Threats Made Against You

If the IRS believes you intentionally filed your taxes incorrectly to avoid paying back certain taxes, they may send out some legal threats to make you aware of their findings and the money you owe them. Receiving those serious threats from the IRS is the last thing anyone wants to deal with and it’s something that could cause you to feel scared, nervous, and downright sad. The good news is that a tax attorney can handle these legal threats for you, so you don’t have to start panicking and assuming the worst is going to happen to you just because you owe back taxes.

The tax attorney https://deanhineslawyer.com/tax-attorney-dayton-ohio/may start the process off on the right foot by contacting the IRS directly as a representative for you and the case that has been made against you. Because the tax attorney has a thorough and complete understanding of the various laws surrounding taxes, fraud, and tax evasion, he or she will know how to remain calm while speaking to someone working at the IRS about the notices you’ve received in the mail. It may be possible for your tax attorney to work something out for you in the form of a payment negotiation where you could pay a set amount of money to the IRS each month until you’ve officially paid off all your back taxes.

In many instances, the IRS is willing to settle for less money than what you owe to them because they want to make sure they’re at least getting something back from you. If the tax attorney can speak to a professional from the IRS and get them to lower the expected amount they’d like to receive from you, it could help you save a lot more money while you focus on making the affordable monthly payments to pay off the specific amount they’re requesting from you. Although the IRS means business, they’re often willing to negotiate and accept reasonable payment plans to keep individuals from going into financial turmoil.

Avoiding All Future Issues With the IRS

While a tax attorney can help you solve some of the tax issues you’re dealing with right now, it’s important to make sure you’re taking the right steps to avoid making the same mistakes that got you into this mess in the first place. Whether you run your own business or work as an employee for someone else, you should consider hiring an accountant to help you file your taxes each year. It’s not worth filing the taxes on your own if you’re taking the risk of making some serious mistakes that will cause you to owe money to the IRS at some point.

There is a lot that a tax attorney can do for you, especially if you’re dealing with some tax trouble and need help because you don’t know what to do. Not everyone understands the rules surrounding taxes and not everyone knows how to properly deal with the IRS after receiving threatening notices or information on audits. If you’ve been told you owe back taxes and you don’t know what steps to take because you can’t afford to pay the amount you owe in one lump sum, you do have a few options. While your first instinct may be to stress out and get worked up, you should take the time to contact a tax attorney who will go over the situation with you, contact the IRS for you, and work hard to reach a suitable outcome for you.