More individuals and businesses than ever before are being burdened with past due taxes. Today, there are solutions available to those who may owe a large amount of tax.
For example, there are situations where a taxpayer can actually lower their debt with something known as credit card debt settlement. It is best to talk with your credit card company if you intend to pay a debt in full so that you do not pay more than is necessary. Also note that you will receive a cancelation of debt notice.
In essence, taxpayers are able to use credit card debt consolidation to pay off outstanding debt. But there are tax implications.
Always Consult With Your Atlanta Tax Lawyer
Taxpayers should always understand that any final credit card debt settlement type agreement must always be in writing. The agreement can be written by the taxpayer or through the credit card company in question.
Always consult with your Atlanta tax lawyer and your credit card company to determine if this option is the best solution for your delinquent debt and tax issues. Another option in dealing with past due taxes is that of filing bankruptcy.
While this may not always be the best option sometimes taxpayers have few other choices when taxes have mounted in an out-of-control fashion. A tax lawyer in Atlanta can recommend a bankruptcy attorney when necessary.
Requirements For Successful Discharge Of IRS Owed Taxes
In some cases, income tax related debt could be eligible for discharge using Chapter 7 or Chapter 13 bankruptcy.
This is considered a tax debt relief strategy. Taxpayers should only use this method if they meet the requirements for successful discharge of IRS owed taxes.
While chapter 7 Bankruptcy provides for full discharge of any permissible debts, chapter 13 provides for arranging a payment plan to repay all or some debts.
While only partial debts are repaid under Chapter 13 the remainder of the debts are discharged as per bankruptcy laws.
An Atlanta IRS Tax Attorney Can Help
In addition, some taxpayers who owe the IRS money may be forced to deal with something known as wage garnishment. Conversely, it is important to note that there are situations where taxpayers may not be able to live normally once an IRS levy has been put into place.
In this instance, a taxpayer can request a “release wage garnishment” action. This is another case where an Atlanta IRS tax attorney can help.
There are also methods that can be used to stop the IRS from levying a taxpayer’s bank account. A lawyer in Atlanta that specializes in IRS back taxes can assist when needed.
Talk with your attorney to know for sure what options are available and how best to stop the IRS from taking cash out of your savings or checking account to pay back taxes.
Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer today for access to experienced and dedicated tax help and assistance.