Newport Beach Tax Attorney
Taxpayers experiencing any tax problems should call a Newport Beach tax attorney. Tax issues generally do not solve themselves but tend to grow when left unattended. Tax debt, for example, can be devastating to an individual’s financial health and can impact other aspects of their lives. For this reason, taxpayers should waste no time in contacting tax experts like a tax lawyer of Newport Beach as soon is any problem is encountered.
Tax debt, while stressful to handle, can be resolved through tax professionals such as tax attorney Newport Beach. These specialists are trained to look at a taxpayer’s financial situation and recommend the best program of repayment. The faster an IRS debt is settled, the easier the process is for the taxpayer. Some settlement options can be processed more quickly than others.
An Offer-In-Compromise, a less common settlement option, is a time-consuming program that involves analyzing income, allowable expenses and net equity in assets. With this information, a Newport Beach tax lawyer can determine the offer the taxpayer needs to make to the IRS to come to an agreement. If the IRS accepts the terms, they will allow for a reduction of the total balance.
If large payments are not possible, taxpayers can have Newport Beach tax attorneys suggest an Installment Agreement (IA’s). These agreements provide the taxpayer a 60 month period in which to pay off their debt. Most IA’s require repayment of the full balance. Installment Agreements have the added benefit of offering several options to taxpayers with varying financial obligations. Individuals owing money on credit cards, student loans, mortgages or cars can find relief in the different programs found under the Installment Agreement headings. The best way to be sure the right program is chosen is to submit all pertinent financial documentation to a tax lawyer Newport Beach. Any information withheld only makes the process longer and could potentially cause the IRS to refuse an offer of settlement.
It can be very stressful to have money tied up in tax debt, making it difficult to afford payments on important expenses. If you’re experiencing trouble with payments and are owe a balance to the IRS, Newport Beach tax lawyers can help. You don’t need to be in debt to get assistance from tax experts. You can get a free consultation from a tax attorney in Newport Beach who will be able to advise you on any issues you may have. Call today and avoid having your tax questions turn into tax woes.