3 Tips on Settling a Tax Debt For An Amount You Can Afford

Timothy S. Hart believes that most tax debt problems are resolvable with the help of a skilled tax resolution attorney.

ALBANY, N.Y., Oct. 11, 2022 /PRNewswire/ -- Owing taxes is one of the most dreaded and stressful positions to be in. Consulting with a tax resolution attorney can help you get back on track with the Internal Revenue Service and New York State Tax Department.

Here are a few ways to find out how much you owe:

1. Log in to your IRS.gov account. Your tax account is accessible once you log into www.irs.gov/payments/your-online-account or call the IRS at 800-829-7650.
2. For New York State, you can find your tax balance by logging into your online tax account at www.tax.ny.gov/online or by calling (518) 457-5434.

If you have tax debt, here are a few ways to get debt relief. You should consult a tax professional before taking any action. "The first action is to contact a tax settlement attorney who will provide you with the best course of action," says Timothy S. Hart, founding partner of Timothy S. Hart Law Group P.C. He adds, "Knowing your options is not enough. Having a tax relief professional formulate the best overall strategy and fight for you can turn the tide greatly in your favor. You will sleep at night knowing that a qualified tax professional is on your side."

1. Installment Plan
You can contact a qualified tax resolution attorney to create an affordable tax payment plan. In some cases, a payment plan can be created that will satisfy the tax authorities but will not pay the tax debt in full before it expires by law, and you save the amount written off.

2. Offer in Compromise
An offer in compromise is asking the IRS or NYS to accept a lower amount to resolve the tax debt. These programs are available for your federal and state taxes, and the programs cover income tax, payroll tax, and sales tax. There is an application process that includes proving that you are entitled to relief, which must be carefully prepared. The IRS or NYS Tax Department often provides the relief the applicant is seeking, so this should be considered if you have a tax debt.

Timothy S. Hart is a New York C.P.A. and NY tax lawyer with expertise in tax resolution, and he provides solutions to both individual and corporate taxpayers. He has helped clients resolve their tax problems by negotiating more favorable outcomes, and he offers free consultations.

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SOURCE Timothy S. Hart