Many Texas dwellers nowadays are having an issue with outstanding tax debt. The number of tax levies and liens filed by the IRS has increased massively in recent years. Approximately 4 million tax levies were served on third parties in 2024. Tax accountants providing tax relief services in Canyon, Texas, have seen a surge of 456% compared to similar IRS reports from 2014. Similarly, the IRS issued more than 1 million Federal tax liens in 2024, a 145% raise from a decade ago.
IRS is usually strict about gathering outstanding tax debt, which puts much pressure on families. Professional tax relief companies can be a fantastic source of guidance regarding dealing with the IRS, considering back tax amounts owed or a wide array of other tax-oriented challenges. Hence, the five excellent benefits of working with a professional tax relief firm in Texas are below.
- You Don’t Need to Deal with the IRS’s Wrath Alone
The most significant advantage of using a professional tax relief firm in Texas is that they have several professionals with distinct educational backgrounds to assist you. By having different professionals who know IRS working procedures, such as CPAs and attorneys, they can put that expertise to work for you so that you can target the best compensation for your tax issues. Simply put, you will never have several professionals working on your side while dealing with the State Tax Entity or IRS.
- Minimized Overall Balance
The amount you must shell out to the government usually includes late fines, penalties, and interest. Therefore, working with a professional tax relief company in Texas will help you lower the amount you owe the government. Such companies can assess your condition and work out several ways to help you minimize your fines and penalties.
- Bypass Losing your Property or Other Assets from An IRS Confiscation
Individuals sometimes have lost their property or other vital assets due to previously due tax debts. Since property confiscation is one of the ways that the IRS applies to collect the owed amounts, it’s usually the last option for them. Although the number of IRS property confiscations has surged increasingly over the previous 10 years, in 2024, the IRS executed 776 property seizures, leading to a 230% hike in this form of enforcement in a decade. A professional tax relief firm can aid you in becoming one of these alarming statistics.
- Get Entangled in Past Returns
1 in 6 Americans is recently grappling with tax issues, and many of them allow these issues to develop and compound over the years and fail to file new tax returns, deducing they are in crisis with the IRS as it is. Therefore, working with a professional tax relief company can provide appealing amenities by helping you get caught up on any previous tax returns you still need to file.
- Bypass Holes in Your Credit Score Because of Unpaid Tax Issues
Although the IRS isn’t offering details to the three significant credit agencies regarding any outstanding taxes, they have considered it currently. Moreover, if the IRS files a lien for outstanding debt owed, those details could be exhibited on your credit report as it’s regarded as a judgment and will stay on your report for 7 years after you have repaid it or 10 years if you overlook it. These details can impact your overall credit score and employment.
Conclusion
Facing tax authorities like the IRS can be cumbersome, but it mustn’t be stressful! Seeking guidance from professionals in Texas can help deal with the intricacies and fix tax-oriented issues effectively.
