Find the Best Tax Relief Company in Madison, WI

Common tax problems in Madison

Many Madison residents run into tax problems by not filing their taxes. Other people may not have the ability to pay what they owe. Businesses often have issues with high tax rates that can lead to late tax filings or an inability to pay.

If you owe back taxes, the IRS can garnish your wages, place a lien on your property and seize your possessions to pay off your debt. Some of the most common tax problems in Madison include:

• IRS liens and levies: A tax lien is a legal claim on the property of a person who fails to pay taxes. Levies allow the IRS to seize your property to satisfy a debt.
• Wage garnishments: The IRS may be able to seize your wages until you make a different arrangement to pay overdue taxes or until the amont you owe is paid off.
• Back taxes: These are taxes that were partially or fully unpaid in the year they were due. These debts accumulate interest and penalties. People can owe back taxes at the federal, state and local levels.
• Payroll tax debt: If an employer fails to pay or underpays its payroll taxes, it accumulates payroll tax debt. This is often caused by improper accounting or the inability to pay.

If you are in debt to the IRS or the state of Wisconsin, choosing a professional tax resolution company to sort things out may get you the best outcome.

How to get tax relief in Madison

You might qualify for tax relief in the form of deductions, exclusions, credits or tax lien forgiveness. Some programs you might come across are:

• IRS installment agreement: The IRS offers payment plans or agreements to pay your taxes within a set period. Installment agreements often last 72 months.
• Offer in compromise (OIC): An OIC is an agreement with the IRS that allows you to settle your tax debt for less than you owe. The IRS generally doesn't accept an OIC if it believes you can pay the full amount in a lump sum or through a payment plan.
• Currently not collectible: If you are unable to pay your taxes, the IRS may place your account in currently not collectible status. It won't try to collect from you, but you will continue to accumulate penalties and interest, and the IRS will periodically evaluate your financial situation to learn if it has changed.

Madison tax relief FAQ

What is tax relief and how does it work?

Tax relief is any service that helps you pay off a tax debt. It can also help you break down your debt payment into installments or reduce the amount of tax you pay to the IRS or your state government.

How much does tax relief cost in Madison?

Costs vary, but the average price of tax relief is generally between $1,000 and $7,000. Most tax relief companies in Madison provide a free consultation.

How do I check if I owe Wisconsin state taxes?

To find out if you owe state taxes, you can check your status online on the Wisconsin Department of Revenue’s website.

Does Wisconsin accept federal extension?

You automatically qualify for a Wisconsin tax extension if you have a federal tax extension.

Can you pay Wisconsin taxes with a credit card?

Yes, you can pay Wisconsin taxes using accepted credit cards, including American Express, Discover, Mastercard and Visa.

Do Wisconsin state tax liens expire?

Wisconsin state tax liens may expire after 20 years or after the debt is satisfied, according to Wisconsin law.

What is the punishment for not paying taxes in Wisconsin?

You may be subject to a late-filing fee of $50 for filing a late tax return. The state charges a delinquent interest rate of 1.5% a month on your tax liability.

Are tax relief companies in Madison legitimate?

Yes, but you should always perform due diligence. Any company that promises a drastic reduction in taxes without first getting detailed financial information is not worth considering. Reputable companies first obtain relevant financial data before giving a realistic assessment of what they can do.