Wage Levy / Wage Garnishment / Wage Attachment
IRS wage garnishment can be a nightmare. For employees, IRS wage garnishment can mean a huge cut in your monthly paycheck that can be a real pain especially if you have other bills to pay. There are steps that can be taken in order to assist in getting past and even avoiding an IRS wage garnishment. The 1st step begins with with professional consultation with a seasoned tax attorney or enrolled agent.
An IRS wage garnishment is actually the Internal Revenue Services' means of getting your attention with your unpaid taxes. The IRS will levy and garnish a certain amount from your monthly salary in order to satisfy the outstanding penalties. However, this is not immediately implemented. The IRS will first send you notices of your past dues and give you around 10 to 30 days to settle them depending on the tax type and how much you owe.
If you fail to respond timely to their notice, the IRS will send a final notice. If fail to contact the IRS following the receipt of this final notice, then they will proceed to garnish your wages.
Wage Garnishment Amount:
The amount of money they will garnish from your paycheck is determined by computing the amount of tax owed, the number of claimants and other important formulas significant in your tax obligations. Generally speaking, however, the IRS usually garnishes as much as 70 percent from your monthly salary. So if you have a salary of $3,000, expect to lose more than half of it to the tax agency. Your salary is continuously garnished until your tax debts are completely settled.
How to deal with Wage Garnishments:
Getting out of an IRS wage garnishment is not an easy process. In fact, you won't be able to do it on your own unless you pay their demanded full tax amount. The goal of the IRS is to get you back on the right track when it comes to paying taxes and to remind you to pay your taxes timely to avoid penalties in the future. Of course, the effects are devastating on your finances and once you've encountered this problem, you need an experienced tax resolution professional to help you.
Dealing with the IRS:
Dealing with the IRS and discussing options for an IRS wage garnishment entails an experienced tax resolution professional. Our highly trained and experienced staff of tax professionals are here to help you deal with the IRS and to negotiate, on your behalf, for the best possible payment terms in an IRS wage garnishment.
At FinishLine Tax Solutions, our tax professionals will work to reduce the garnishment on your salary and to even stop the wage garnishment altogether. The latter means negotiating for a more comfortable payment plan to pay off your tax debt. In some cases, our staff of tax professionals may also request to settle your tax debt with an alternative form of a negotiated settlement. We will always ensure that all options are explored and that the most beneficial resolution strategy is implemented.