Taxes are often cited as the lifeline of the government. These are being used to fund various public expenditures, including different social welfare projects. As a US citizen, you are obliged by the Constitution to file an annual tax return. And if you own a business, you are compelled to do so on a quarterly basis.
The Internal Revenue System or IRS is mandated to collect these taxes and pursue those who will fail to pay their tax obligations appropriately. Yes, they can be intimidating. That’s why when you fall behind your taxes and they start to go after you, you’d need to have an expert in the field to help you out — i.e., a tax attorney Los Angeles.
How Tax Lawyers Can Help
Tax lawyers are attorneys whose expertise is in resolving tax cases (e.g. Tax debt, tax fraudulence, tax evasion). There are different ways in which these legal experts can lend you a helping hand.
First and foremost, your lawyer will help you file your tax return, and this procedure includes applying any possible deductions, exemptions, and credits. If you have a tax debt under your name, here are four tax-relieving options your lawyer can help you out with.
Negotiate if you can pay in installments. This monthly-payment option is one of the most popular choices among those who have tax debts. If you need a long-term payment plan, you might have to pay for an application fee.
Make an Offer in Compromise (OIC). If paying even in monthly installments will be difficult in your situation, a tax attorney Los Angeles may also offer an OIC — an agreement to pay a reduced overall tax debt either in lumpsum or periodic payments. Before you qualify for this one, the IRS will conduct a thorough check on your income, assets, and expenditure behavior.
Collate your loan and credit cards to pay your tax debt. While doing this option may incur interest, tax lawyers often recommend this one as they have lower rates compared with IRS’.
Advise you on filing bankruptcy. Depending on your situation, you might have to consider filing bankruptcy, which can cancel out your debts from the IRS. Nonetheless, you must take note that you need to require certain, strict eligibility if you want to take this route.
Why Hire A Tax Lawyer
As mentioned above, hiring a tax attorney Los Angeles will enlighten you on several tax-relieving options. He or she will help assess your situation and give you the most feasible legal resolution.
In the process, your tax lawyer will help you out in filling out and submitting all forms required, while ensuring that you are on track and you are able to beat deadlines. Whenever you need to request for appeal (for instance, the response for your initial relief was negative), he or she will also guide you and reach out to you in each step of the appeal process until you’ve settled your tax debt.
Most importantly, because of your attorney-client privilege, rest assured that your personal information is legally protected.
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