Do Your Own Debt Consolidaton And Save! Know Exactly When You Will Be Out Of Debt, And Sooner Than You Think. No: New Loans, Credit Checks, Monthly Fees, Discussing Your Situation With...
Heres the Rub: Payday is the day of the week that everyone looks forward to. Its a shame that when someone owes the IRS money the day that youre looking forward to, becomes a day of dread. A wage garnishment is one of the dirtiest tricks in the IRSs arsenal.
Its My Money! Im sure when you see half of your paycheck disappear youre angry that the IRS thinks they can take your money. When you owe back taxes, your money becomes Uncle Sams money. How can the IRS do that? Especially when you cant buy your kids new clothes for school, heck you cant even buy the kids school supplies.
When you owe back taxes to the IRS they can garnish anywhere from 50% to 75% of your paycheck. They figure what your basic living expenses are based on your filing status, number of dependants, and local standard of living. They leave you with the bare minimum to live, at the most meager conditions, and the rest is what they take to satisfy your delinquent taxes. Your employer is notified of the garnishment by the IRS and must comply. Even if you dont get a paycheck, if you get social security or disability, the IRS can garnish that too. In fact the IRS can garnish up to 15% of social security.
Save Your Bacon. First of all you shouldnt have let the wage garnishment happen. The IRS gives any target ample warning before they line up their sights on you. But now youre getting garnished and you need some kind of tax relief. Heres a couple of ways to save your bacon.
Enter into a payment plan with the IRS. With an IRS payment plan you pay a monthly amount to the IRS. As long as you pay this amount each month, on time, your wage garnishment will be lifted. Heres the condition though, the IRS determines what youre payment will be. This can be a burden, but the alternative is still much worse. At least it provides some tax relief.
Negotiate a settlement with the IRS on your own or with the help of a tax relief professional. While negotiating with the IRS, collection activities are put on hold until a resolution can be reached. Once your settlement has been accepted or denied youre back in the danger zone, but as long as you live up to the terms of the contract you should be fine.
Take Action! I cant stress enough how important it is to take action as soon as you know there is money owed to the IRS. The number one reason you will be targeted for a wage garnishment is by putting off your tax debt problem.
About the author Liv Worthington has worked in the debt management field for many years. She takes pride in helping all of her clients find the right tax firms when they need help with an urgent IRS tax problem like a
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Heavenly Father,
Hallowed be your name, your kingdom come
Your will be done on this Earth as it is in the Heaven
Give us today our Daily bread
Forgive us our debt and sins
As we have forgotten our debtors and sinners
Lead us not into temptation
But deliver us from the evil one
For you are the glory and the power and the kingdom
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