If you are reading this article, you are probably well aware of the fact that the government can garnish wages for unpaid taxes or seize bank accounts or other property to satisfy a tax debt.
Of course, the last thing you want is to pay unnecessary penalties to the IRS, to have your paycheck garnished, or to lose your home.
That is why Oklahoma's premier tax lawyer, Travis Watkins, has compiled a list of the important tips that he shares with his clients, or anyone facing what seems to be an insurmountable tax debt.
#1 Don't put off handling your problem: It is common for people to think that their inability to pay means they should just put off dealing with the IRS. This couldn't be any further from the truth. The longer you wait to address your tax issues, the more penalties you incur - this translates into even more money owed. Delaying may also jeopardize the approval of a settlement or any other negotiations down the road.
#2 Research your options: It may seem like you are stuck between a rock and a hard place if you are unable to pay your taxes. But there are options, and depending on your situation, certain alternatives may actually be available to save you money in the long run.
#3 Don't agree to anything without first speaking to an attorney: While you may come across an alternative that seems right for you, speak with a certified Oklahoma tax attorney before accepting it to make sure of two things:
- That there isn't a better choice out there, and
- That the alternative is in your best interest.
#4 Document everything: This tip is especially true if a Revenue Officer has been assigned to your case. Make sure to keep track of how many times you have been contacted by the IRS, including the date of the call, the name of the person, and the nature of the conversation. Also, make sure to keep all written correspondence together in one file.
#5 Avoid companies that claim to employ former IRS agents: It may sound appealing to deal with a company that will assign someone who "knows the ins and outs of the IRS" to handle your case, but the reality is that the IRS has many different positions. This means that there is no guarantee that the ex-IRS agent is best suited to your needs.
#6 Gather all documents related to your income, bills, and tax history: Since you will be asked for this information by the IRS, you should compile your prior tax returns, paystubs, W-2s, mortgage bills, car bills, utility bills, and anything else relevant to your finances.
#7 Enlist the help of an experienced Oklahoma tax attorney: Unlike the ex-IRS agents, certified tax attorneys handle a whole range of tax problems, not just one area. A good tax attorney will be familiar with the different alternatives for tax debt relief, the documentation necessary to prove your eligibility for the alternatives, appeals rights and important deadlines and IRS practices that affect your case.
If you need help with any of the above tips, or want more information on how to settle your tax liability for as little money as possible, contact Oklahoma's premier tax debt lawyer, Travis Watkins, for a free copy of his book, The Ultimate Survival Guide for IRS Problems. Just call 800.721.7054 or 405.607.1192 today. He also will provide you with a free consultation that will include solutions to your tax problems.
Call attorney Travis Watkins today, or fill out this online form to schedule your free appointment.