Tax debt can seem insurmountable, and it can be a massive burden on you and your loved ones. The IRS only makes your problem worse with fees, interest, and garnishing your wages. With the help of a tax debt accountant in Commerce Township, you can get ahead of your back taxes.
If you know that you need to file tax returns or pay taxes, don’t wait for the IRS to find you. Get professional help so that you can reduce, eliminate, or manage your debt.
Call MI TAX CPA at 248-600-5506 today to schedule a free consultation.
Can Your Tax Debt Be Forgiven?
Tax debt forgiveness depends on many factors. When you file for bankruptcy, you can stop the IRS from calling and get more time to get out of debt. You may be able to have your debt forgiven or reduced if:
- You have filed tax returns for more than two years before filing for bankruptcy
- The income taxes you owe are more than three years old
- You haven’t been involved in fraud or tax evasion
- The IRS did not assess the taxes within the last 240 days
Do I Need A Tax Debt Lawyer Or An Accountant?
While both lawyers and accountants can help you navigate tax debt relief in Commerce Township, you should work with an accountant first. Many lawyers often outsource this work to accountants, so it would be best if you went straight to the source.
A tax debt accountant can help you understand bankruptcy procedures as well as:
- Propose a lower payment plan to the IRS
- Try to release your garnished wages
- Ask the IRS to drop the interest or penalties
- Draft a settlement agreement
You should also work with an accountant each time you need to prepare and file taxes. A certified public accountant can ensure that you deal with your taxes correctly. They can also give you information on how to benefit the most in your financial situation.
Filing Bankruptcy
Filing bankruptcy may help if you owe other debts in addition to taxes. For example, Chapter 7 bankruptcy will discharge all of your outstanding debt after you liquidate all of your assets. These debts may include hospital bills, loans, and credit card bills. Chapter 7 bankruptcy does not eliminate child support or student loans.
On the other hand, Chapter 13 bankruptcy allows you to pay off your debt in three to five years without interest. This type of bankruptcy can stop foreclosures, asset repossession, and bank account garnishment. Chapter 13 can help you if Chapter 7 would still leave you with substantial debt.
To file for bankruptcy, you have to meet specific requirements. An accountant can determine if you qualify and advise you on the best route to take.
Get Advice
Tax debt can cause you major headaches and interfere with every part of your life. You don’t have to feel helpless, but you do need to find the best route to take to deal with your situation—and you should leave that to professionals.
Contact MI TAX CPA at 248-600-5506 for a free consultation. We can give you more information about your debt relief options and help you find a solution.