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State Tax Debt Resolution: When Should You Seek Professional Help?

State Tax Debt Resolution: When Should You Seek Professional Help?

By on Feb 7, 2018 in IRS, Tax relief, Tax Resolution | 0 comments

State Tax Debt Resolution: When Should You Seek Professional Help?If you owe taxes to your state or to the Internal Revenue Service (IRS), the time to act is now.  Very often, state collection agencies come after tax debt even faster than the IRS can, and this can cause significant financial hardship. Each state is different when it comes to the collection of tax debt, so if you are concerned about the best approach is for getting out of tax debt, your best bet might be to partner with a tax professional to make sure that you take the steps necessary to protect yourself.

5 Signs That It’s Time for Professional Tax Help

Here are 5 signs that you might be in a position to qualify for professional tax assistance:

  1. Your tax situation has recently changed:  If you just launched your own business, or changed jobs, got married, became self-employed, purchased a home (or other property) or had a child, your tax situation may not be as simple as in years past. This would be an excellent time to get tax expert so that you do not make a mistake on this year’s tax return. A tax professional can help with your taxes during these types of transitions where there is likely to be an impact on your tax liabilities.
  2. You already have tax debt:  If you know that you owe the state (or the IRS) money from a previous year and you’re heading into tax season, you might want to seek the help of a tax professional who can advise you about your options for paying off your current debt and filing on time.
  3. Your income is high:  Your chances of being audited go up with your income so if you make over $200,000 each year, it is good practice to partner with a tax firm who can help manage your taxes.  That way, if you do find that you owe money to the state or the IRS, you can make a plan to pay on time and stay in good standing.
  4. You are unable to pay your debt:  If you owe money to the state and are unable to pay your debt, you may have options. Many states allow you to apply for an installment agreement, which means that you can pay your debt over time, rather than in one large lump sum. If you are under financial hardship, you may also qualify for an offer in compromise, which settles your tax debt for less than you owe. Both of these options are viable but you may need assistance submitting the necessary paperwork and documentation to apply.
  5. You have been contacted by a State Collection Agency: If you have received written notice from the state collection agency or IRS, then it is time to seek professional support to navigate your tax situation and minimize any serious impact. A reputable tax professional can review your previous returns and current information to help you decide the best possible course of action.

Success Tax Relief can help you with issues related to state and federal tax debt. If you owe back taxes and have questions, concerns or simply want general advice about how best to move forward, call our team of tax professionals at 877-825-1179 or contact us online. We can help you develop a resolution plan that will work for you!

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