Tax season can be a stressful and overwhelming time for many, especially if you are facing an IRS wage garnishment. The good news is that there is help available to stop the garnishment and get tax relief. Learn how professional tax advisors can help in this article and get back on track with your taxes!
What is IRS Wage Garnishment?
When the release of garnishment Missouri your wages, it’s taking money out of your paycheck before you even get paid. This can make it difficult to pay your other bills and can put a strain on your finances. The good news is that you can stop IRS wage garnishment with the help of professional tax advisors.
Tax advisors can help you negotiate with the IRS to lower or remove the amount of money they’re taking out of your paycheck. They can also help you set up a payment plan so you can pay back what you owe in a more manageable way. If you’re struggling to make ends meet because of wage garnishment, don’t hesitate to reach out for help. Professional tax advisors can make all the difference.
Who Does It Affect?
The Internal Revenue Service (IRS) has the legal authority to garnish wages in order to collect on unpaid taxes. When the IRS garnishes your wages, it is taking a portion of your earnings directly from your employer before you ever receive your paycheck. This can obviously cause financial hardship, and make it difficult to meet your other obligations. The good news is that you can get help from professional tax advisors to stop the wage garnishment and get the tax relief you need.
Most people are unaware that the IRS has this power, but it is actually quite common for the agency to garnish wages. In fact, the IRS collected over $1 billion in taxes through wage garnishment in 2017 alone. If you owe back taxes, it is important to be aware that this is a possibility so that you can take steps to prevent it from happening.
There are a few different ways that the IRS can collect on unpaid taxes, but wage garnishment is one of the most common. The process begins when the IRS sends a notice of intent to levy to the taxpayer. This notice gives the taxpayer 21 days to respond and try to work out an alternate payment arrangement before wage garnishment begins.
If you receive a notice of intent to levy, it is important to take action immediately. You may be able to negotiate a payment plan with the IRS or take advantage of other options for resolving your tax debt.
What Are Your Tax Relief Options?
If you are struggling to pay your taxes, you may be wondering what your tax relief options are. The good news is that there are a number of options available to help you get back on track.
One option is to set up an installment plan with the IRS. This will allow you to make smaller payments over time, which can make it easier to manage your finances. You can also request a hardship extension, which will give you more time to pay off your debt.
Another option is to negotiate with the IRS for a lower amount of taxes owed. This is known as an offer in compromise (OIC). If the IRS believes that you cannot pay the full amount of taxes owed, they may agree to accept a lower amount.
If you are facing wage garnishment or other enforcement action, you may be able to negotiate a payment plan or settlement agreement with the IRS. These agreements can help you catch up on your taxes and avoid further penalties.
If you are unable to pay your taxes, you should contact a tax professional to discuss your options and find the best solution for your situation.