Things You Can Do Before Filing For Bankruptcy
When someone is behind on their taxes,it’s tempting to consider bankruptcy as an option for getting out from under the debt. However,filing for bankruptcy should always be the last resort,after all of your other options have been explored. If you have tried talking to the IRS and other tax authorities but they have yet to offer any meaningful assistance,your next best option is to use the services of a qualified Arizona tax relief attorney. Your Arizona tax attorney can:
Review your federal tax return and work with the IRS to correct any errors. Review your personal financial situation,to identify how much you are able to reasonably pay to the Internal Revenue Service in one lump sum or in smaller monthly installments. Discuss the advantages and disadvantages of every possible solution to settle your tax debts. If you are unable to come to a resolution with the IRS,your attorney can file a petition in federal court to have the IRS repossess your property and other assets in order to repay your tax debts. In most cases,your attorney will work out a payment plan that allows you to pay off your debt in three to five years,with interest included.
If you’re facing tough times financially and need to quickly find tax relief,you should definitely consult an Arizona tax relief attorney to discuss your case. Attorneys can provide guidance on how to deal with your individual circumstances and find the resolution you need to stay away from bankruptcy. It is important for you to remember that although the IRS may be sympathetic to your situation,they are not good at dealing with people who simply can’t make their tax bills. In these circumstances,you’ll want to exhaust all possible resources to resolve your tax debt as quickly as possible. Although you may feel frustrated,you need to remember that the longer you wait to resolve your tax issues,the more money the IRS will win by collecting your back taxes.