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Did you know that in 2020, the outstanding tax debt in the US was approximately $527 billion? If you have tax debt, it’s essential to resolve it as soon as possible, or you could face high penalties and even be banned from international travel.

If you’re experiencing tax problems that you can’t seem to resolve on your own, it’s important to take steps immediately to fix the problem. Turning to a tax resolution firm for help is the best solution and offers many benefits you’re likely unaware of.

Keep reading this guide to learn the top four benefits of hiring a tax resolution firm!

1. You Won’t Have to Deal With the IRS Alone

Having to deal with the IRS alone can be terrifying and stressful for anybody, and most people don’t know specific tax rules or the best way to handle meetings with the IRS.

One of the most significant advantages of hiring tax resolution services is having someone mediate for you and represent you during any communication with the IRS. 

A qualified tax professional with tax resolution experience can help you with things like:

  • Answering letters from the IRS and making phone calls to them on your behalf
  • Helping you gather the proper paperwork for IRS proceedings
  • Filing past due tax returns
  • Speaking on your behalf during any audits or hearings
  • Ensuring your rights are protected

2. You’ll Avoid Garnishments and Levies

Remember, any tax debt you owe to the IRS can be garnished from your wages, leaving you unable to pay your bills. You can also get liens placed against your property or a levy that can take your property to satisfy your debt.

It’s possible to dispute or appeal liens or levies, but it’s very time-consuming and challenging to navigate on your own. A certified tax professional can negotiate with the IRS, make payment arrangements, prove financial hardship, and ensure you keep your property.

3. You Can Reduce or Eliminate Penalties and Interest

Even the most common tax problems can leave you with interest and penalties that make paying off your debts seem impossible.

Tax professionals can negotiate interest and penalties on your behalf and use current tax codes to find loopholes to minimize your debt. As a result, you may only owe the original amount once negotiations are complete.

4. You Can Often Settle Your Tax Debt for Less

Since they’re well aware of the rules and regulations, a tax resolution specialist can help you pay off your entire tax debt quickly and efficiently.

They can look at different options, such as making an Offer in Compromise (OIC) on your behalf to negotiate a settlement for a lot less than what you owe. With an OIC, you can make one lump sum payment or multiple installment payments. 

However, there are certain eligibility requirements you have to meet, and a tax professional will be able to ensure your application is complete.

Hire a Tax Resolution Firm Today

Remember, you don’t have to lose sleep over filing tax returns. Hiring a tax resolution firm will solve your tax problems and ultimately make your business more successful in the future.

Now that you know the benefits of hiring professional tax resolution services, it’s time to turn to Sterling Tax and Accounting in Sarasota for help. We offer tax resolution services, monthly accounting services, and tax planning to help you get your business back on track.

We look forward to helping you, so make sure you contact us today to schedule a consultation!

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