Our Denver Debt Settlement Attorney Can Help with Tax Debt
A new year may feel like a fresh start for some, but if you owe business or personal tax debt from the past – or you’re afraid you won’t be able to pay your taxes in 2024 – January just means one month closer to April.
Managing your past tax debt or figuring out how to pay your taxes this year can feel frustrating, stressful, and confusing. Dealing with the IRS isn’t easy, especially when you’d prefer not to even think about what you might owe.
However, relief is available. The top debt settlement attorneys at The Wink Law Firm have a number of strategies you can use to get your taxes under control, so you won’t have to fear April 15 ever again.
Worried About Tax Debt? Tax Resolution Explained in 5 Points
- Late on 2024 taxes? If you end up being late on your 2024 taxes, your best bet is to pay them as soon as possible, so you don’t end up paying more in interest and late fees. However, if you are unable to do so, the IRS allows you to create a short- or long-term payment plan. However, the potential to default on these plans is high, especially if you aren’t successful at paying in installments. In that case, we may recommend an “offer in compromise.”
- Offer in compromise: An offer in compromise is a settlement with the IRS based on your ability to repay. In certain cases, an offer in compromise can enable you to get out of tax debt for a very small fraction of what you owe.
- Not eligible for an offer in compromise? If you’re not a good candidate for an offer in compromise because of your assets and income, our Denver debt settlement attorneys can ensure that your wages aren’t garnished and a tax levy isn’t placed on your property, while we create an effective solution for resolving your tax debt. For example, a payment plan may be your best option. Or you may be eligible for “currently not collectible” status, where the IRS will agree not to collect against you for a period of time. Your taxes will eventually become uncollectible when the 10-year statute of limitations on tax debt passes, so buying time can be a significant portion of your tax resolution strategy.
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Past tax debt discharged in bankruptcy: If your past tax debt meets the following qualifications, our debt settlement lawyer can help you discharge your tax debt in either Chapter 13 or Chapter 7 bankruptcy:
- Your tax debt is from returns which were due at least three years ago or longer.
- Your tax debt is from returns which were filed at least two years ago or longer.
- The IRS hasn’t assessed your tax debt in the past 240 days or longer.
- You have not been convicted of tax fraud or evasion.
- Your tax debt is not from a return which was filed for you by the IRS (i.e., a substitute for return or SFR).
Bankruptcy is also beneficial because it generally will get you out of (i.e., discharge) your unsecured debt (ex., credit cards, medical bills, etc.). The ability to discharge back taxes provides additional financial freedom to get on a better path moving forward, so you can live life free of the stress that tax season has created for you.
Related reading: “What You Need to Know About Tax Debt for Contractors or Small Business Owners.”
Get Ahead of Tax Season with Free Debt Settlement Consultation
Tax-resolution in Denver is a simple process with the help of The Wink Law Firm. We are highly experienced with tax resolution, which enables us to advise you on the best option for your specific circumstances. No client is too complicated for us to handle.
All you need to do is schedule a free consultation, so we can hear your story, your history with taxes, and what you’re looking to achieve. Whether you’re filing for your individual or family’s taxes, or you’re a business owner who has let their company’s taxes get away from them, we dedicate our time to you, so you can get the peace of mind you deserve.
We get right to work to develop a legal strategy that will help you get free of tax debt and get your finances in order. Contact our debt settlement lawyer online today or call (303) 410-1720.