One of the largest mistakes people make is to wait too long to seek professional help for tax debt. Delaying could limit your options and the strategies available to a tax professional to assist you. You want to retain a tax professional as early in the process as possible. When you identify that you could have an IRS or State tax debt greater than $10,000 that is the time to seek professional help. Working with a tax professional can help you navigate the tax collection mine field and avoid tax liens, wage garnishments and bank levies.

Not having savings or funds available does not prevent you from working with taxing authorities. There are government programs available that can defer payment or settle the tax debt for a fraction of what you owe.

I have seen too many cases when a taxpayer suffered a financial hardship for several years causing a tax debt to accumulate and they waited until after the hardship to address the problem. Unfortunately, by that time the taxpayer had limited options because of increased income levels. Additionally, their wages were garnished and their savings taking from their bank account. Luckily we were able to stop the wage garnishment and get back their savings. If they would have come to us sooner then they could have taken control of the process and managed the situation to a positive outcome instead of having their back against the wall.

The best time to address a tax problem is early in the process. You will have more options available and can manage the situation versus it managing you. Your negotiation position is also stronger during the financial or medical hardship than after. Contact us for a free face-to-face consultation in one of our offices or a free over the phone consulations.

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