What is Tax Debt?
Tax debt can be stressful for many individuals and businesses. When a taxpayer owes more taxes to the government than they have paid, tax debt can build. This can occur due to many issues, including underreporting income, making errors on tax returns, or failing to file taxes. When tax debt accumulates, it can lead to severe financial consequences and legal repercussions. This is where the expertise of a tax debt attorney, like Jordan F. Wilcox in Utah, becomes invaluable.
Tax Debt
Tax debt is the amount of money owed to tax authorities, such as the Internal Revenue Service (IRS) in the United States, after failing to pay the full amount of taxes owed. This debt can quickly become problematic. The IRS is known for its rigorous efforts to collect unpaid taxes, which can include garnishing wages, seizing assets, and placing liens on property.
Common Causes of Tax Debt
- Underreporting Income
- Filing Errors
- Failure to File
- Inability to Pay
Unresolved Tax Debt
It is crucial for taxpayers to get professional help from a tax debt attorney to avoid unresolved tax debt. Leaving tax debt unresolved can lead to serious consequences and legal repercussions.
Consequences of Unresolved Tax Debt
- Penalties and Interest
- Garnishing of wages
- Liens and Levies
- Legal Actions
How The Law Offices of Jordan F. Wilcox Can Help You
A tax debt attorney is a legal professional specializing in tax law and representing clients in tax-related matters. Our expertise can be instrumental in navigating the complexities of tax debt and finding viable solutions.
Ways a Tax Debt Attorney Can Assist
- We will go to bat for you when it come to negotiating with IRS
- We will fairly represent you in audits and appeals
- We can help you and the IRS make fair payment plans to resolve your tax debt
- We can challenge the IRS so they don’t garnish your wages or seize your assets
- We can help file for innocent spouse relief if your spouse is the one who has accrued tax debt
- We can help you decide if bankruptcy is a good choice and how to navigate it
- We can also advise you on tax compliance so that you can avoid any further issues
Choose the Right Tax Debt Attorney
Tax debt is a serious issue that can lead to significant financial and legal consequences if not addressed promptly. As Utah’s premier tax debt attorney, the Law Offices of Jordan F. Wilcox will provide essential expertise and representation to help you navigate the complexities of tax law, negotiate with the IRS, and find viable solutions to resolve your tax debt. Give us a call today so that we can help you!