Live in Gastonia, NC and owe back taxes to the IRS? There are several ways to settle the tax debt that you owe to the IRS. Some of these include:
Tax Installment Agreements
Owe a lot of money to the IRS but worried about how you will pay it back? We can help determine whether you qualify for an installment payment plan.
Trying to figure this out on your own can be stressful and intimidating. There are several key forms that must be filled out, and there are certain rules that must be followed in order to avoid paying additional penalties and interest.
We will walk you through all of the steps, making sure that you completely understand all aspects of your installment agreement and how it will be applied towards paying off the balance that you owe.
Offer in Compromise (OIC)
Often considered a last resort option, the Offer in Compromise (OIC) is an agreement with the IRS where you agree to settle your tax liability for less than the full amount that you owe.
There are certain rules governing the OIC. For example, the reduced amount that you end up paying must be equal to what the IRS believes it can reasonably collect from the sale of any assets that you may owe.
Unlike other tax and accounting companies, Mitchell Advisory Company will not only help you apply for an OIC – we will walk you through the process and make sure that you understand your role as taxpayer.
Many people think that filing for bankruptcy is a quick and easy way to get your back taxes wiped clean. However, it isn’t that simple.
Depending on your tax debt situation, some tax debt may qualify while other debts may not. For example, child support, student loans, and attorney fees may not be covered under bankruptcy.
We will sit down with you to go through your IRS tax debt to determine what may or may not qualify as well as determine whether filing for bankruptcy is truly in your best interest.
If you owe the IRS tax debt, they can garnish your wages to satisfy any tax debts owed. Wage garnishments can be applied to hourly, salaried or commissioned work as well as bonuses.
When it comes to wage garnishment, the main difference between the IRS and most creditors is that the IRS does not need to take you to court in order to get a judgment to garnish your wages. Additionally, when your wages are garnished by the IRS, the IRS can actually garnish more than most creditors.
Luckily, there are certain restrictions/legal limitations when it comes to wage garnishment. We offer a number of solutions to help you resolve wage garnishment issues with the IRS. Contact us today to find out how we can help you get back into good standing with the IRS.
Credit Card Debt Settlement
Credit card debt consolidation is a method of settling outstanding debt that you owe. While there are credit card debt settlement companies out there, it is in your best interest to hire a professional tax accountant, like Mitchell Advisory Company. We will help guide you in the right direction, helping you come up with a plan to pay down any outstanding credit card debt.
At Mitchell Advisory Company, we are Gastonia’s most trusted experts for all issues related to IRS tax debt. Call us today at (704) 671-2678 for more information or to set up a consultation.