IRS Tax Debt Relief in South Carolina
Are unpaid taxes keeping you awake? No one wants to owe money to the Internal Revenue Service or the South Carolina Department of Revenue. But ignoring the problem won't make it go away. However, a South Carolina tax attorney can help you find a solution to your tax debt problem.
If you don't pay your federal or South Carolina taxes by the due date, you can expect the following to occur:
- You'll receive a tax bill from the IRS and/or the South Carolina Department of Revenue. This bill will include the government's estimate of taxes you owe as well as tax penalties, including interest charges and late fees
- If you ignore the tax bill, the government will put a tax lien on your car, home or other property of value. A lien is a legal claim made by a creditor, and it remains on the property—making it impossible to sell or refinance a loan—until the debt has been paid. The tax lien will be reported to credit bureaus, which can damage your credit score.
- If the tax lien doesn't persuade you to pay your tax debt, the government will impose a tax levy, which allows it to seize your assets and sell them to pay your tax debt. You could lose your real estate, motor vehicles and bank accounts. The government call also seize your paycheck and Social Security income.
Rather than ignoring the government, consider hiring a South Carolina tax lawyer. Your attorney can contact the government on your behalf and negotiate a resolution to your tax problem.
Federal and South Carolina Tax Relief Solutions
If you can't afford to pay your back taxes in a single lump-sum payment, you have a number of options. Your South Carolina tax debt attorney can review your finances and your past tax returns to help determine which solution is best for you.
One of the most common options is the installment payment plan, which allows you to pay the government a small amount each month until you've paid off your tax debt. The installment payment plan is a good solution for people who have a regular monthly income. However, interest charges and other fines may continue to accrue on your unpaid balance, so it's in your best interest to pay off the tax debt as quickly as possible.
If paying your full tax bill would cause a serious financial hardship, the government has a couple of programs for which you may be eligible:
- Penalty abatement can erase some or all of the interest charges and penalties that have been added to your bill. You may also qualify for penalty abatement if you have a good reason for not having paid your taxes on time.
- An offer in compromise allows you to settle your tax debt for less than the full amount you owe. You may be eligible for an OIC if you'd face serious financial hardship as a result of paying your tax bill. Offers in compromise are also available if there's doubt as to the accuracy of your tax bill or if the IRS thinks it will be unable to collect all of the money it's owed.
In some very specific circumstances, you may be able to discharge your tax debt in Chapter 7 bankruptcy. You can only discharge income tax and it must be at least three years old. Your South Carolina tax debt lawyer or bankruptcy attorney can review the other requirements with you.
Find & Hire a South Carolina Tax Relief Attorney
Although you can try to solve your tax debt problem without the help of an attorney, there are many advantages to hiring a South Carolina tax relief lawyer.
A tax attorney brings education and experience to the table. Your lawyer will be familiar with all of the possible tax relief solutions, and the advantages and disadvantages of each option. And if you're eligible for an offer in compromise, your lawyer will know the lowest possible settlement offer that's likely to be accepted by the government. Finally, your lawyer will relieve you of the stress and headaches of having to deal directly with the government.
Ready to find and hire a South Carolina tax attorney today? Congratulations on taking this important step toward tax-debt freedom!
Attorney.com offers a free service that can quickly connect you with a South Carolina tax relief attorney in your area. Simply call us at 877-913-7222 or fill out the form on this page. We'll ask you a few easy questions, then we'll match you with an attorney in your area.