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IRS Tax Debt Relief in New Mexico
The federal and state governments only receive about 80 percent of the income tax they're owed each year. To collect the rest, the government mails out tax bills, puts tax liens on property and even seizes bank accounts, paychecks, homes and cars. Rather than subject yourself to these aggressive collection efforts, instead consider working with a New Mexico tax attorney to find a solution to your tax debt problem.
How the Federal & New Mexico Government Collect Tax Debt
If you fail to pay your taxes by the due date, the government will immediately start trying to collect what it's owed.
You can first expect to receive a tax bill listing the actual or estimated taxes that are past due. The tax bill may also include interest charges and late-payment fees. These tax penalties will be added to your bill until your tax debt, fines and penalties are paid in full.
Most people will pay up once they receive a tax bill, or will make arrangements to pay their federal and New Mexico tax debt using an installment payment plan. But if you continue to ignore your tax debt, next the government will place a tax lien on your property. This is a type of legal claim that prevents you from selling the property or refinancing any loans connected to it. The tax lien also gets reported to the credit bureaus, which add it to your credit report.
Taxpayers who continue to ignore the Internal Revenue Service and New Mexico Taxation and Revenue Department collection efforts may have their property confiscated and sold to satisfy their tax debt. This tax levy allows the government to seize your motor vehicle, home, paycheck, bank account and other things of value, and use the money raised from their sale to pay down your tax debt.
Legally, the government has 10 years in which it can collect a tax debt. (This is known as the statute of limitations.) Your New Mexico tax lawyer can help you calculate when the statute of limitations runs out on your tax debt.
Find & Hire a New Mexico Tax Relief Attorney
If the idea of spending 10 years running from government tax collectors sounds unappealing, instead try to find a tax relief solution. Your New Mexico tax debt attorney can help you by:
- Reviewing your tax bills and past tax returns to ensure they are accurate
- Analyzing your finances to help determine how much you can afford to pay
- Describing the various tax relief solutions for which you qualify, explaining the pros and cons of each choice and helping you decide which works best for you
- Working directly with the IRS and New Mexico Taxation and Revenue Department on your behalf
If you're ready to put your tax problems behind you, your next step is to find and hire a New Mexico tax relief lawyer. And you've come to the right place! Whether you live in Albuquerque, Las Cruces, Rio Rancho or elsewhere in New Mexico, Attorneys.com offers fast, confidential and free service that can connect you with a local tax lawyer. Simply call us at 877-913-7222 or complete the form on this page to get started today.