November 20, 2021
Tax Lawyer Columbia, MD
Many people wonder if they should work with a tax lawyer in Columbia, MD or not. If you currently owe taxes to the IRS or have another tax related issue, it may be a wise idea. Here are a few benefits of hiring a tax lawyer.
Reduce Your Tax Debt
If you owe back taxes, you may be concerned about being able to pay it all back. This is one good reason to work with a skilled tax lawyer. He or she can negotiate with the IRS and try to reduce your overall debt. Depending on your income and expenses, you may qualify for an Offer in Compromise. You may also qualify for an Installment Agreement, which would let you pay your debt in manageable installments.
Protect Your Wages and Assets
If you owe money to the IRS and ignore their notices, they may eventually go after your paycheck and assets. This is quite scary to imagine, but it can happen. You want to protect your wages and property.. The best way to avoid this is to take care of your tax debt as soon as possible. A tax lawyer can help you do this efficiently.
Prevent Your Credit from Getting Ruined
If you do not pay your tax debt, the IRS can file a Notice of Federal Tax Lien, which can appear in a credit report. Having a low credit rating can make it more difficult to get approved for loans in the future. If a tax lawyer in Columbia, MD helps you reach a favorable resolution with the IRS, you can protect your credit.
You’re Starting a Business
If you are starting a business, it is important to think about taxes. A tax lawyer can help you structure your company correctly and minimize the amount of taxes you have to pay.
You’re Facing an Audit
Getting audited by the IRS can be a nerve-wracking experience. In this situation, it pays to have a skilled tax lawyer on your side. He or she can help you organize documents that the IRS requests and keep you from making costly mistakes. If you want to contest the results at the end, a lawyer can assist with that too.
If you are dealing with tax issues, it is beneficial to speak to a qualified tax lawyer in Columbia, MD as soon as possible.