A faltering economy and high unemployment rates have forced many residents in New Jersey to fall behind their tax payments. You need to take your tax debt problem very seriously, instead of running from the government. A tax debt resolution expert can help you resolve your tax debt problems.
If you have been ignoring overdue tax bills from the New Jersey Division of Taxation and the IRS, the government is likely to take legal action to collect the money. They can:
Charge you additional penalties and interest to your overdue tax bills.
Impose a tax lien on your property. You cannot sell it until the tax debt has been paid off.
Report the tax lien to the credit bureaus.
Garnish your wage and use the proceeds to pay off your tax bills.
Seize and sell your assets such as your home or car to pay off the tax debt.
There are several reasons why you should work with Tax Defense Partners to figure out possible tax relief options. We have years of experience in dealing with the New Jersey and federal tax laws. Our tax attorneys will evaluate your financial situation and verify whether all the past tax bills are correct. We will deal with the relevant authorities on your behalf to help you find the best possible tax debt relief solutions. When you choose to work with us, you don’t have to go through the stress of complicated paper work and confusing tax codes.
One of the most common options you have is an installment payment plan. You can choose to pay off your tax debt in smaller monthly installments. However, the penalties and interest will keep accruing during that period. In the event you are facing serious financial crisis, you may qualify for an Offer in Compromise or penalty abatement. OIC allows you to settle your tax debt for a percentage of what you owe, while penalty abatement waives your tax penalties
A tax lien can cover any property you have or any property you may acquire in the future. They can be intangible assets and tangible assets such as bank accounts, rights to a certain property, jewelry, automobile, and more.
You have to meet specific requirements to qualify for this option. If you are planning to file for bankruptcy, you should always consult your New Jersey tax attorney first.