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Chicago – IRS Solutions

by

Steven A. Leahy

Chicago: IRS Solutions

Chicago: IRS Solutions – One Way to Get Out of IRS Debt

There are 6 different ways to eliminate IRS tax debt.

Let’s look at one of the easiest….

Pay the bill.

Now before you think I’m being overly simplistic, this is really an option for many people.

Let me explain.

You may want to pay the bill with a credit card.

Credit card debt is usually better than IRS debt.

The IRS actually accepts Visa, Mastercard & American Express for many debts owed to them. Think of it this way…a credit card company has nowhere near the power of the IRS to collect their money…

Not only can the IRS take your wages, but they can also take things like your real estate, Social Security, 401(k)’s, IRA’s, car, boat, house, accounts receivable, cash loan value of your life insurance, or commissions…to name just a few.

The IRS can also put a lien on your personal and investment properties, making it difficult to sell your house, destroys your credit rating and makes it difficult to refinance or get a home equity loan.

Of course, the “big hammer” of the IRS is that they can actually send you to prison for not paying your taxes.

The credit card companies have power, but not near as much as the IRS. If you don’t have enough credit to pay off your IRS debt then you should know that there are other options.

Chicago IRS Solutions. If you are searching for IRS Solutions to your tax problems, or if you have ANY questions about IRS problems, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

IRS Bankruptcy as a solution to your tax problems

by

Steven A. Leahy

Chicago: Should You Consider IRS Bankruptcy as a Solution to Your IRS Tax Problem?

Bankruptcy in Chicago – Should You Consider Bankruptcy as a Solution to Your IRS Tax Problem?

Many people facing a tax problem consider bankruptcy as a solution. But what many don’t realize is that bankruptcy may not solve the problem. There are very strict rules about tax debt and bankruptcy. And your tax debt may not be able to be included.

For example, payroll taxes cannot be discharged in a bankruptcy. And if you haven’t filed your taxes, your tax debts will not only be excluded from the bankruptcy, but you can be sent to jail.

If you are considering declaring bankruptcy, and have tax debt, or haven’t filed, then you must be sure to consult with a tax attorney first! Even if IRS bankruptcy won’t eliminate your tax problem – bankruptcy may be a tool in a comprehensive strategy to resolve your IRS Tax problems.

When you owe taxes or haven’t filed tax returns, dealing with the IRS on your own can be a nightmare. It can create massive financial havoc in your life, ruin your credit, and if you let it get bad enough, it can send you to prison.

We can guide you through the process of negotiating with the IRS, getting the law on your side, and getting your life back in order. And the sooner you take action, the sooner you can get the IRS off your back and out of your wallet.

IRS Bankruptcy can be a good option for some. It all depends on the individual situation. To discover more about this option and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!

IRS Partial Installment Agreement: Chicago Tax Help

by

Steven A. Leahy

Chicago: Should You Consider An IRS Partial Installment Agreement as a Solution to Your IRS Tax Problem?

Tax Payment Options Chicago: IRS Partial Installment Agreement

Previously, we’ve talked about offers in compromise, installment agreements, and other tax relief strategies. Now, let’s talk about partial installment agreements.

The IRS partial installment agreement is relatively new and can be an attractive option for taking care of your debts with the IRS. It allows you to make a lower monthly payment and, after all the payments have been made, the IRS then erases the rest of what you owe.

However, what can be a downside to the strategy when you set up a partial installment agreement? You automatically get a detailed financial review every two years. And, if the IRS determines that your financial status changed in that time, they can jack up your payments or terminate your agreement.

IRS Partial installment agreements can be a good option for some. It all depends on the individual situation. To discover more about this option and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!

IRS Installment Agreement – Chicago

by

Steven A. Leahy

Chicago: Should You Consider An IRS Installment Agreement as a Solution to Your IRS Tax Problem?

Tax Payment Options Chicago: IRS Installment Agreement

Should you consider an installment agreement as a solution to your IRS tax problem? You have several options for dealing with the tax problem with the IRS; an installment agreement is one of them. An installment agreement is just what it sounds like – you agree to pay your tax debt to the IRS in a monthly payment plan.

There are some restrictions on the installment agreements. But, many times this is a good option for both businesses and individuals who owe taxes to the government.

There is a downside though. If you owe a lot of taxes, the required payments on your installment plan can often be quite high, and can interfere with paying your monthly bills. In addition, you may still be subject to interest and penalties on the debt that you owe.

The good news is, it is possible to negotiate lower payments with the IRS. To discover more about this options and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!

Tax Payment Options Chicago: IRS Offer In Compromise

by

irs installment agreement -Steven A. Leahy

Chicago: Should You Consider An Offer in Compromise as a Solution to Your IRS Tax Problem?

Tax Payment Options Chicago: IRS Offer In Compromise

In looking for help with your IRS problem, you may have heard of a tax-relief strategy called an Offer in Compromise. It basically means settling with the IRS for less than what you owe.

These are the plans that you see on late night infomercials and all over the web, promising to settle your tax debt for “pennies on the dollar.” The infomercials and sales letters greatly exaggerate the potential of Offers in Compromise. But it is possible to settle with the IRS.

And once the discounted amount is paid, then you don’t owe the IRS a penny more. This is very different than becoming “uncollectible,” which we talked about in a previous video. When you are declared uncollectible, you still owe EVERYTHING at the end – plus interest.

For many taxpayers, an Offer in Compromise is a very good option – if they can get approved.

But for most people, it just doesn’t happen. According to the IRS, 84% of all taxpayers who submit an Offer in Compromise application are rejected.

That means you only have a 16% chance of success to get an Offer in Compromise, with or without an attorney.

And if the Offer of Compromise fails (as they usually do) you can be forced into a payment plan where you are forced to pay more than you can handle.

One of the best ways to put the odds in your favor for an Offer in Compromise is to use a competent tax attorney who knows all the ins and outs of your personal situation and the tax law.

To discover more about IRS Offer in Compromise and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!

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