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 some things you can do to get past and even avoid an IRS wage garnishment, and it starts with proper consultation with a reliable tax relief professional.
What it is
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 pay for your penalties. But 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 move to a wage garnishment.
Wage Garnishment Amount
The amount of money they will slash 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 slashes 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 slashed until your tax debts are completely settled.
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 relief professional to help you out.
Dealing with the IRS
Dealing with the IRS and discussing options for an IRS wage garnishment entails an experienced tax relief professional. You need an experienced Enrolled Agent to help you deal with the IRS and to negotiate, on your behalf, for the best possible payment terms in an IRS wage garnishment.
You can ask a tax professional to help you 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, your tax representative can also request to settle your tax debt with an offer in compromise. This means that you have to look for an experienced Enrolled Agent to discuss your options for an IRS wage garnishment. An experienced Enrolled can get you out of your problem in as fast as two days.
Getting professional help
If you need help in your wage garnishment dilemma, then go to myirstaxrelief.com. Mike Habib, EA, is an experienced Enrolled Agent and has been dealing with the IRS for years. Mike Habib guarantees to deal with your problem personally and to come up with a practical solution to get you out of the tax bind you're in. He offers free consultation to help you discuss your options and to negotiate the best possible resolution.