Lake Forest Tax Attorney
When looking for tax debt solutions, as with many other things in life, California residents like to have choices. Lake Forest tax attorneys are available to provide those options for anyone struggling with tax debt. The IRS has several resolution plans in place that account for situations that cover a wide range of reasons for accruing a balance from income taxes. Regardless of the cause, this dedicated tax team is committed to providing the best solutions possible for debtors. The process used by Lake Forest tax lawyer to ensure the success these settlements has brought help to thousands of taxpayers.
One of the most important services provided by the tax attorney in Lake Forest is to explain the differences between the main tax debt resolution programs offered by the IRS. While there are three main categories, the best settlement plan is to repay the entire balance in full with one payment. If this is not a possibility, an individual will have to choose between an Offer-In-Compromise, Currently-Non-Collectible status and Installment Agreements.
There are significant differences between these methods of resolution, but not all of them are reasonable solutions based on factors like a taxpayer’s Reasonable Collection Potential. A tax lawyer Lake Forest will calculate this number during the tax investigation process to determine which programs have the largest chance of being accepted by the IRS.
For many taxpayers, a Lake Forest tax attorney will recommend an Installment Agreement to settle the IRS debt. If, for example, an individual can only afford a limited payment because they have to finish paying off their high interest car loan, there is a plan called the Stair-Step Installment Agreement, in which the amount of the balance paid out to the IRS increases after the other obligation is satisfied.
When finances are tight and there isn’t room to make any payments without sacrificing important expenses such as utilities or rent, a debtor can apply for Currently-Non-Collectible status and be relieved of the repayment responsibility. While it is often less successful, some taxpayers will opt to have their tax lawyer of Lake Forest negotiate for an Offer-In-Compromise to reduce the total balance in favor of rapid payment.
When you’ve got tax debt that’s keeping you from enjoying life, paying bills, or just using your income the way you want it, it’s time to find help. Lake Forest tax lawyers can show you all of the options you have and which one will be the best method for IRS debt relief. Don’t waste another minute dealing with a balance that can be resolved with the help of your local tax experts. These specialists will start the ball rolling with a free consultation and then see you through the end of your personalized tax resolution plan. Whether through a call, an email, or by stopping into their offices, you can find a solution today with a tax attorney Lake Forest.