Over the course of 2020, the IRS collected a whopping $3.5 trillion from taxpaying Americans and sifted through over 240 million tax returns. But after everything was said and done, the agency estimated that Americans still owed about $527 billion in unpaid taxes.
That hefty sum of money takes time and effort to collect, but the IRS will collect it. If you currently owe money to the IRS or you’re struggling to file your taxes, then don’t wait until your name ends up on the IRS’s collection list. Instead, consider hiring a Milwaukee tax attorney to help address your concerns.
Learn more about how a tax lawyer in Milwaukee can help you find a tax relief solution that works for you right here.
Milwaukee Tax Attorney
If you’re facing a serious tax dispute with the IRS, it’s a good idea to hire a Milwaukee tax lawyer to help. While tax debt relief solutions can help you navigate the debt aspect, a lawyer can help represent you throughout the process.
Tax Problems in Milwaukee
Tax problems are more common than you’d think. In the majority of situations, they start when a taxpayer doesn’t know how to file their taxes, delays filing, or simply ignores their duty to file. As a result, they’ll face:
- Late penalties and interest for unpaid taxes or unfiled returns
- IRS tax audits
- Levies and Liens
- Wage garnishments
- Unpaid payroll taxes
- Criminal charges
If you’re facing these types of issues, then our tax experts can help.
Tax Relief Services in Milwaukee
There are several tax relief solutions available to you. Here are some of the most common ways that taxpayers deal with tax debt issues in Milwaukee:
Offer in Compromise (OIC)
This type of arrangement is a negotiation with the IRS. In exchange for timely payments, the IRS might be willing to reduce your overall tax debt burden. Not only will you end up paying less, but you’ll also avoid IRS penalties and interest.
Installment Agreement (IA)
IAs are a similar type of agreement with the IRS. Since you might not be able to pay off your full tax burden at once, the IRS will likely agree to a payment plan. You’ll end up making minimum monthly payments to the IRS, and they’ll agree not to pursue collection methods against you in the meantime.
Currently Non-Collectible (CNC)
If you genuinely can’t pay off your tax debt, then you might be eligible for CNC status. If you meet the criteria for this status, then the IRS won’t continue to attempt to collect from you unless your financial status changes.
If you currently owe a hefty sum due to penalties, fees, and interest alone, then it might be possible to have some of those fees eliminated. To do so, though, you’ll have to show “reasonable cause” as to why you didn’t settle your tax debt right away.
Innocent Spouse Relief
If your former or current spouse filed a joint tax return that left you liable for a tax debt you shouldn’t owe, then you might be able to have it eliminated by filing for innocent spouse relief.
Tax Preparation Services in Milwaukee
How simple or complex your tax preparation is depends on your financial situation. If you’re an hourly or salaried employee, then your employer will likely send out important tax forms that will help you file your taxes with ease. All you’ll need to do is let the IRS know how much tax was withheld by your employer and how much you took home overall.
If you are an independent contractor, own a business, or have multiple streams of income, then things can get complicated. You’ll be in charge of your own financial situation, so it’s up to you to keep track of your income, expenses, and more. You’ll need to report everything to the IRS without the help of forms from your employer.
Further, you’ll be on your own when determining which exemptions, deductions, and credits fit your situation. If you have questions or need help with any of these factors, then hiring a tax preparation service might be in your best interests.
CPA Services in Milwaukee
Do you need a more in-depth financial analysis? Hiring a CPA might be a better idea. That’s because tax preparation services are well-equipped to handle simple and basic tax situations, but a CPA is more prepared to handle complex and challenging situations. A CPA has more education, training, and financial knowledge. Plus, they can help you with your entire financial outlook rather than focusing exclusively on your tax situation. CPAs can help you with the bookkeeping and accounting, and give you solid financial advice you can rely on. Further, they can help you reach all your financial goals rather than exclusively focusing on your tax situation.
Get in Touch With a Tax Attorney in Milwaukee Today
Have you experienced one of the tax problems outlined above? Are you interested in learning more about the tax relief services discussed in this article? Holding on to a tax debt won’t do you any favors. In fact, it could be the weight that brings you down if you fail to address it. Even worse, you could start to accumulate financial penalties, fines, or even criminal charges if you ignore the authority of the IRS.
The good news is that you don’t have to go up against the IRS on your own. Here at Tax Group Center, we have years of experience helping taxpayers like you get on good terms with the IRS. If you’re in the Milwaukee area, look no further. Contact our office now to get in touch and find real tax solutions that fit your needs.