If you cannot afford to pay your taxes in full, then there are options available to you to avoid tax debt or tax controversy. Raichelson Law, P.C. discusses how you can set up an installment agreement with the IRS and what a payment plan entails for you as an individual.

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Did the IRS make a change to your tax refund that you disagree with? During tax season, the IRS changes a myriad of checks every year for various reasons. Whether it is simple math error or a mistake you made when filing, you should not worry about the change because there are ways to resolve it. Raichelson Law, P.C. discusses how to appeal an IRS decision if you don’t agree with the IRS’s determination.

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With tax season barely behind us, it is time to start asking yourself some questions as a taxpayer. What will you do with your tax return? Do you have enough money to pay what you owe? If you’ve found yourself burdened by tax debt and need some guidance, Raichelson Law, P.C. has some tips to help you better understand your options when you owe more in taxes than you can afford.

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You know it could occur anytime and then it happens: you receive notice that you’re being audited by the IRS. The first thing to do is take a deep breath and know that you can prepare for the audit. It’s something they do.

The IRS annually reviews certain factors when determining who to audit. If you’ve received notice, it is likely you were put on their radar. You may be wondering how or why this happening, but for the moment, let’s focus on how to handle the audit.

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A tax resolution is something you might need. It’s a service that could require you to protect yourself when using it. Tax resolution is there to help you when needed, but it is crucial to make sure your tax resolution specialist is someone you can trust.

Know why you need it

There’s a lot of buzz surrounding tax resolution. The service is best defined as the effort on behalf of a legal tax professional to resolve your tax debt. Do not wait until your wages are garnished or your bank account is levied. Get ahead of the curve and hire a tax professional before adverse consequences occur and act immediately when you receive a notice from the IRS.

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Close-up of a bankruptcy petition

Next to debt, filing for bankruptcy can cause equal anxiety and fear. Even so, the idea that you have a possible solution gives you an amount of hope.

First things first

Like a medical diagnosis, another opinion can help. Talking with an attorney can relieve some of your stress related to bankruptcy.

A legal professional will present you with options that help you make your decision. And speaking of options, you have two when considering bankruptcy.

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Most people do not know they can discharge debts for federal income taxes in a Chapter 7 bankruptcy, however there are exceptions. If all of the following conditions are met, income taxes may be discharged: 1. The taxes are from unpaid income taxes from filed tax returns. You must have filed a tax return for the debt you wish to discharge at least two years before filing for bankruptcy. 2. You did not commit fraud or willful evasion. If you filed a fraudulent tax return or otherwise willfully attempted to evade paying taxes, bankruptcy can’t help. 3. The debt is at least three years old. To eliminate a tax debt, the tax return must have been originally due at least three years before you filed for bankruptcy. 4. You pass the “240-day rule.” The income tax debt must have been assessed by the IRS at least 240 days before you file your bankruptcy petition.

At the Law Offices of Michael H. Raichelson, we can analyze if you are a good candidate for bankruptcy and/or if your taxes are dischargeable in bankruptcy.