Everyone one pays taxes to the Illinois Department of Revenue and you may always have done that yourself if you have been in employment or self-employed. However, what happens if you suddenly receive a letter from the state tax authority advising that you owe them more money, and you don’t have any more money to give?
At this point many people panic or ignore the letter. Neither of those two options will help you. Tax Defense Partners is familiar with these stories. In fact, Tax Defense Partners has helped many people and businesses with Illinois tax debt relief matters. Don’t suffer in silence – learn about your options, and there are options – today.
If you fail to respond to initial letters sent to you by the Illinois Department of Revenue requesting payment, they will start to actively pursue the monies owed. There are a few things they can do to obtain the money. These include:
Add interest charges to the outstanding tax debt amount
Place a tax lien against your house so if it is sold or the sale is enforced by repossession, they will take priority for payment over other creditors
Place a levy on your bank account, which means they can seize any funds, savings, etc. in there to pay the debt
Garnish your wages before you get them, so they will automatically receive a portion of it
Take legal action against you, which may result in extreme cases such as imprisonment
This means if you ignore any letters, the IRS will continue to pursue you for payment of your tax debt.
By consulting a tax debt relief lawyer, such as Tax Defense Partners, you will be able to minimize your stress levels and reach an early conclusion. The tax recovery process can be stopped by intervention and a proper assessment of your outstanding tax debt can be undertaken. After all, even the Illinois Department of Revenue can make mistakes, or you may have made a mistake in your tax return yourself, but not realized it. If you do owe the money, then it may be possible to take practical steps to repay the outstanding amount in affordable installments.
If circumstances have conspired to cause you financial hardship, we can work with you to get your tax bill reduced and any additional penalties abated. Every case is different, but we are confident that we can help in some way to reduce the pressure on you.
Of course! Tax Defense Partners will take a full financial statement from you and will cover everything that has happened during the relevant financial year. At that point, it will be clear what the issue is and how to address it.
You may have paid some of your tax bill before the end of year deadline, but that would only be a payment on account. The final tax debt may be more and if it remains unpaid at the end of the financial tax year, then it is considered a tax debt, and this should be paid in full.