Friday, December 18, 2015

Top Reasons to Hire a Tax Attorney

One of the most common methods of settling back taxes is to enter into an installment plan with the IRS. While you can work directly with the IRS, there are benefits to hiring an experienced tax attorney to help you through the process. Here are five good reasons to use a tax attorney:
They Will Help You Catch Up on Past Due Tax Returns. The IRS will not consider an installment plan until all tax return filings are current. Your tax attorney will help you work through the paperwork to get your back tax returns filed.

They Will Review Previously Filed Tax Returns. Especially if you filed your returns on your own without the help of an accountant, your tax attorney can review previously filed returns to determine if you would benefit from filing an amended return. There are often deductions you missed that can reduce the amount of taxes owed.

They Will Help Determine if an Installment Plan is Your Best Option. Depending on your income and financial circumstances, you may benefit from another IRS settlement strategy such as an Offer in Compromise.

They Will Negotiate an Installment Plan Your Cash Flow Can Support. Many times individuals working directly with the IRS are given installment plan terms that crumble over time. Your Tax attorney will help analyze your cash flow and negotiate terms you can afford.

They Will Petition the IRS to Waive Penalties and Fees. There are little-known ways to get penalties and fees waived, which could potentially reduce your debt by a significant amount.

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