Depending on your circumstances, come tax season, you may find that you owe the government thousands upon thousands of dollars. Understandably, most people don’t have this money just sitting an account to send to the IRS. Fortunately, there are ways to reduce your tax liability that can result in you settling this tax bill for literally pennies on the dollar. If you have a large tax bill and want to get it reduced, a Tennessee Tax Settlement Attorney may be able to help.
For some people, an Offer in Compromise (OIC) can reduce their tax liability. To qualify, a person will need to satisfy one of two conditions:
- There is some doubt the IRS will actually be able to collect the tax bill
- Paying the tax bill will cause “economic hardship” or would otherwise by “unfair”
An OIC requires substantial documentation and can be very complicated for most filers. An experienced Tennessee Tax Settlement Attorney can examine your situation to determine if you might qualify for an OIC. If you do, they will help you assemble the documentation necessary and help you make a fair offer to the government.
Similarly, people may find their property tax has suddenly spiked and they do not have the money to pay it. If so, it is possible to file an appeal and potentially get this number reduced to a more reasonable amount. A lawyer can examine your tax issue and determine if an appeal if viable. If so, they will work tirelessly to get this property tax liability reduced.
Attorney Ted “Tab” Burkhalter is also a Tennessee licensed CPA with an MBA in business management. Coupled with his real-world experience as CFO and controller of his own manufacturing and consulting businesses and other public and privately held Tennessee corporations, his background translates to insightful and sound advice on taxation, business and personal financial matters.
Our clients are business owners, professionals and individuals in Blount County, Knox County and throughout eastern Tennessee. Mr. Burkhalter also advises clients nationwide on tax law matters. We value a long-term, ongoing relationship with our clients, helping them meet new challenges as their businesses grow and personal circumstances change.
To speak with a Tennessee Tax Settlement Attorney about your financial matter, contact Tab Burkhalter right away.