IRS bank Levy assistance
Wage Garnishment And Bank Levy Release
You might not know it, but the IRS is serious about collecting the taxes you owe. After all, one of the most famous criminals from the 20th century was jailed for tax evasion rather than many of his other crimes.
When you have unpaid taxes and the IRS wants to collect them, there are two major tools at its disposal: wage garnishment and bank levies. Taxpayers who experience these garnishments and levies often want to get them released so they can find other ways to settle their tax bills.
If you’re in this position, it’s important to understand how these two processes work and what happens when a taxpayer gets one of these tools used against them.
Wage Garnishment
If you owe taxes, the IRS can garnish your wages. This is an important part of the tax system, which is designed to ensure that you pay what you owe and don’t get a free ride.
The amount of money taken out of your paycheck depends on your tax filing status and number of dependents. The idea is to take a portion of your paycheck to satisfy the debt you owe while letting you retain enough income to support yourself.
Typically, wage garnishments take most of your income, leaving you very little to use for essential expenses.
Bank Levy
If you receive an IRS bank levy, it’s important to know exactly what is happening.
The purpose of an IRS bank levy is to take money from your account in order to pay off your tax debt. The notice will tell you how many days you have before your money is taken out of your account. It will also detail the amount that is being levied.
The notice will outline the specific years and the type of tax owed. You can get this information by looking at the notice itself or by calling the IRS and asking them for a copy of it.
How to get oour of garnishment or bank levy?
When you get a garnishment or levy, it can feel like an all-out attack on your finances, but there are some options for getting out of it.
If you’re in need of help, the IRS will let you keep a portion of your wages while it garnishes the remainder, but dealing with garnishments and levies can create real financial hardship.
There are a few ways to get out of garnishments and levies, including paying the full amount you owe and the IRS writing off the remainder of your debt because too much time has passed.
