Dealing With IRS Wage Garnishment
Are you currently handling wage garnishment or a levy from the IRS? These are one and the same, and they will both result in the IRS garnishing your wages. They can target your payslip and your bank account to obtain the back taxes that you owe. If you have received notice of this, then it is time for you to start to take it seriously.
You’ll likely have repeated notices to settle your debts and pay your back taxes, and you must realize that the IRS isn’t out to get you. They need their money first, but they are going to take action against you if they feel it is actually needed.
The IRS can garnish your paycheck at any point and it doesn’t need a court order. If you have received final notice, you must understand that the garnishment will be taken right from your salary check.
Round the same time as the final notice, your employer will be provided a notice that they must withhold a certain amount from you in the interest of paying your back taxes. Your employer can’t refuse the action whether or not they would like to as they will have their own set of legal problems in the even they attempted to. To resolve the situation correctly, it is important for you to find the advice of a legal professional.
The IRS cannot take more than 25% of your weekly income but there were some examples in which the IRS has basically managed to take anything an individual owes over $3.83 per hour. If you’re single you may pay more, but you can invoke certain laws to prevent it.
As with any situation there’s a silver lining, and the one here is that you can’t be laid off by your employer once you’ve a levy waged against you by the IRS. If you are the IRS cannot garnish your salary and there will surely be an investigation into why you were fired.
How else can this affect you? In numerous ways believe it or not. For one you might not have enough cash to pay your bills. You can even need to apply for bankruptcy which can often be problematic for those who have child support payments or even student loan payments. This could very well destroy your credit!
A last notice will have to be sent to your last known address, but you aren’t actually required to see it. Many taxpayers are being garnished now and they never even saw the final notice.
Speaking to a legal pro will help you to determine whether or not you are currently being garnished and will help you to avoid financial ruin.
Jenny Miles writes about financial problems such as debt management and IRS garnishment. Learn more about wage garnishment on her blog.
