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IRS Tax Debt Relief in Missouri
It's estimated that more than 20 million Americans owe back taxes. If you have unpaid taxes, tax relief solutions are available. A Missouri tax attorney can review your tax bill and past tax returns, analyze your financial situation and help you develop a plan to pay your tax debt.
For example, your Missouri tax lawyer may suggest an installment plan, which provides tax debt relief over a period of time. If you have enough cash on hand, your attorney may be able to make an offer in compromise, which allows you to settle with the Internal Revenue Service and the Missouri Department of Revenue for less than you actually owe in unpaid taxes, fines and penalties.
Because your Missouri tax debt lawyer knows the tax laws and understands your tax debt as well as your financial situation, he or she can suggest which option is right for you and will negotiate a tax debt relief solution that's right for you.
How the Government Collects Unpaid Taxes
Each year, the government only receives about 80 percent of the income tax payments it's owed. To collect the rest—worth about $300 million—the IRS and state governments take aggressive legal action against taxpayers.
If you fail to pay taxes by the due date, you'll receive a tax bill that includes the estimated amount you owe, as well as tax penalties in the form of late fees and interest charges. These penalties will continue to accrue until your balance is paid in full.
If you ignore the tax bill, the government will then impose a tax lien on property you own (such as your house, car and boat). A tax lien is a type of legal claim, and you'll be unable to sell this property while there is a lien attached to it. The tax lien also gets reported to the credit bureaus, which add the information to your credit report. This may cause problems if you try to get a loan or apply for a credit card.
Even more serious than a tax lien is a tax levy, which allows the government to seize your assets—things like real estate, your paycheck, bank accounts and motor vehicles—and sell them to pay your tax bill.
The federal and Missouri governments will take all of these actions if you ignore your back taxes. However, a Missouri tax relief attorney can help you find a solution that frees you of your tax debt and gets the government off your back.
Find & Hire a Missouri Tax Debt Attorney
A Missouri tax debt attorney will understand the tax code as well as your various tax relief solutions. The government has several programs in place to help you pay your back taxes, and in some situations may be willing to waive penalties or reduce your total tax bill. After analyzing your situation, your attorney should be able to suggest which options are right for you.
If you're ready to hire a Missouri tax lawyer, then Attorneys.com can help! We offer a fast and free service that can connect you with experienced tax lawyers in your area. To begin the process, call us at 877-913-7222 or fill out the form on this page. After collecting some basic information from you, we'll match you with a Missouri tax attorney in your area. Then you can start down the road toward a debt-free tomorrow!