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Wage Garnishments: Tax Help to Release Wage Garnishments
Have you received a notice that the IRS is about to garnish your wages because of unfiled income taxes? Are you frustrated and angry because you failed to take action when the IRS initially contacted you? If you ignored the IRS demands for payment, you will be given legal notice that the IRS will be resorting to other means to collect the taxes. If you have received a notice that your wages are about to be garnished, we can help get you and your tax problem back on the right track.
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What exactly does it mean when the IRS announces that they are going to garnish your paycheck? To begin with, the IRS will notify your employer, letting your boss know that you have an unpaid tax debt and unfiled income taxes. Once your employer has been notified, they are required by law to send a significant chunk of your wages to the IRS to payoff the back taxes you owe to cover the unfiled the income taxes. The IRS Wage Garnishment will be deducted from each and every paycheck. A portion of the paycheck that would have been paid to you will now be paid to the IRS. The Wage Garnishment remains in effect until your tax debt is paid off or until the IRS agrees to release the levy.
If you are self-employed, the IRS can send a wage levy to your customers and levy your accounts receivable. Those businesses and individuals are required to send any funds they owe you to the IRS to cover your unfiled income taxes. The IRS often uses this method of enforced collection activity to collect tax debts. Whether a company employs you or whether you are self-employed, the IRS possesses the means to garnish your wages. Remember: You are not unique. The IRS has dealt with a case like yours in the past, and they know exactly what steps to take to get paid.
How much will the IRS take when they garnish your wages? A quarter of your paycheck? Half your paycheck? More? The exact amount of your Wage Garnishment depends on your filing status, including your number of exemptions and how often your employer pays you. Take a deep breath because the average IRS Wage Garnishment is more than half of the taxpayer’s paycheck. In fact, the amount that the IRS will leave you for basic survival is ridiculously low. The IRS wants your unfiled income taxes to be paid!
While there are limits on the percentage of wages the IRS can garnish, you will be left with very little money to support yourself and your family. When the IRS decides how much of your paycheck to take, they don’t take into account how much money you need for necessities. If the IRS garnishes your wages, most likely you will be struggling not only to pay your bills, but also to simply survive. Your lifestyle will be a skeletal phantom of what it was in the past. In addition, interest will continue to accrue on the amount you owe in back taxes and unfiled income taxes during the garnishment period.
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Tax Resolution form
If you have yet to receive a notice concerning wage garnishment, do not make the mistake that such an extreme action will never happen to you. In 2007 alone, the IRS issued over 3.5 million wage garnishments and levies combined against taxpayers. That number increased 17 times since fiscal year 2000 when just over 250,000 were issued, according to the Fiscal Year 2007 IRS Enforcement and Service Statistics. Before you receive a wage garnishment notice in the mail, contact us today.
If you have received a notice that your wages are going to be garnished or if the IRS already has begun garnishing your wages on account of unfiled income taxes, we recommend that you do not negotiate with the IRS on your own. Without the experience and the expertise of Peter Stephan and the Tax Experts at the Tax Resolution Institute by your side, you will be at a real disadvantage.
If you take no action, the IRS will continue to garnish your wages until your entire tax debt has been settled. We know how to negotiate with the IRS to achieve the full or a partial release of your Wage Garnishment if you qualify for such relief. You will not know if you qualify until you contact us and have your tax case fully analyzed. By securing a temporary freeze on further collection activity, we have the necessary time to examine your tax situation and determine the best course of action.
Upon examination of the facts and circumstances behind your tax debt, it is possible that we can arrange an Installment Agreement with the IRS for a dollar amount that is significantly lower than the Wage Garnishment. You will agree to pay the exact dollar amount agreed upon every month until your tax debt has been covered. If you qualify, we also can negotiate an Offer in Compromise, thus settling your tax debt for a much smaller amount than the actual back taxes owed to the IRS.
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We can’t help until you contact us. Click here to fill out our simple
Tax Resolution form
If neither an Installment Agreement nor an Offer in Compromise work for you on account of financial hardship, we will try to have your debt given the official IRS status of Currently Not Collectible. As a result, all collection activity will cease until you are in the position to pay your tax debt. As you can see, there are many options that could be taken by tax professionals when the IRS has garnished your wages.
Please do not hesitate. Contact us today 877-829-8370.
