According to the latest statistics, about 18% of Americans struggle to pay their taxes or they owe back taxes to the IRS due to missing more than one tax filing season.
If you’re behind on your tax returns and are facing a financial crisis as a result, then you’ll benefit from working with an experienced tax professional to resolve the issue.
Read on to find out more about how tax resolution services can be helpful to you.
Helps You Deal with the IRS
A great perk of working with a tax professional is that you’ll have a dedicated representative who will interact with the IRS on your behalf.
Keep in mind that this is a trained and qualified tax professional who knows what to do and who to speak to directly to resolve your issue.
They’ll take care of all the details including protecting your rights, filing past due tax returns, filing and submitting the paperwork that’s required, and communication with the IRS on your behalf via email and phone calls.
Will Help You Get Rid of Penalties
In addition to the outstanding returns that you may owe to the IRS, you may also be on the hook for penalties and interests as well. This is where tax resolution services come in handy.
A tax professional will use their knowledge of the current tax code to help eliminate interest and penalties that are added to your debt so that you only have to pay the principal amount in manageable installments.
You May Be Able to Avoid Levies
If you mess with the IRS then you can rest assured that they will exercise their power to seize your assets and money in order to pay what you owe.
The scary part is that the IRS can just levy your income or garnish it without even getting a court order. They may also seize any of your assets that they deem necessary to settle your outstanding debt.
One of the best ways to avoid this unfortunate fate if you’re behind on your taxes is to hire a tax professional.
They will communicate with the IRS to arrange a payment agreement on your behalf or find other ways to settle your account based on your financial situation.
Helps You Pay Less in Tax Debt Legally
Tax professionals will also help you to take advantage of any current loopholes in the tax code so that you don’t have to pay too much to the taxman.
They will save you money by reducing your overall tax debt by exploiting certain legal loopholes that you may not even be aware of.
This includes taking an Offer in Compromise, a solution where you’re allowed to pay significantly less than the principal amount because of your financial situation.
You Will Have Peace of Mind
Owing the IRS is never fun because you know that they can make your life a living hell without even the courtesy of a court order.
It can really take a toll on your life and cause immeasurable amounts of stress.
That’s why you should take things into your hands and hire a tax professional who will provide you with the solutions that you need in order to resolve your IRS issue.