Is it Possible to Reduce My Tax Debts with the IRS?

Is it Possible to Reduce My Tax Debts with the IRS?

These days, it is easier to negotiate your tax debts and payments—whether via working out your late payments or negotiating on what should be taxable or not. However, you need to do something about it; your tax debt won’t magically reduce with a simple flick of a finger. You can be proactive about this by, of course, hiring a tax lawyer.

So is it indeed possible to reduce your tax debts to the Internal Revenues Service via the help of a tax lawyer Salt Lake City or tax lawyer Provo? Here are some things to consider.

How a lawyer can help you

You will need a tax lawyer to deal with the Internal Revenues Services or the IRS if you want to reduce your tax debt. A tax lawyer in Provo, for instance, will know the specifics of the tax code in that specific area (as it could change from state to state, territory to territory). Trying to deal with this on your own could lead to more problems, since any wrong calculations with your tax debt can make you owe more money to the government if you don’t pay them—regardless of your reason.

A tax lawyer, besides, helping you file your taxes, can help you identify items that can reduce your debt. For instance, a tax lawyer in Salt Lake City can help you identify the tax exemptions you can claim in your tax returns, hence reducing your debt. The lawyer can also itemize your deductions and file all documentation for your tax returns, making sure that no error is done in the process. Any errors done in your tax returns can lead to sanctions and additional fees. Obviously, these are things you would want to avoid as they are counterintuitive to your desire for reduced tax debts. Hence, the help of a tax lawyer is necessary.

Complicated issues

The need for a tax lawyer Salt Lake City or tax lawyer Provo is magnified when you are not just filing your tax returns for personal returns. For instance, if you are filing tax for your business income, your returns —and the documentation necessary to file it properly— become even more complicated. Failure to report your proper gross income (a common mistake due to its complicated nature) will definitely lead to additional taxes and interest, and even fines and penalties.

If you are dealing with tax returns in different states, the problem becomes twofold, since tax laws are different in different territories. There is even the matter of employee taxes, business deductions and the fact that tax laws change every so often—what worked for you a couple of years ago may no longer work now.

The thing with tax returns is ignorance of tax laws is not an excuse for misfiling it. Therefore, the first rule of reducing your tax debt is by doing your tax returns properly.

In the end, hiring a tax lawyer will save you time and will help you avoid unnecessary fees. This is the best way to reduce debts.

If you need a tax lawyer Salt Lake City who can help with your IRS issues, contact The Law Offices of Jordan F. Wilcox. Get in touch with our tax lawyer Provo today!

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