How to stop IRS wage garnishment
Tax payment can be tough sometimes, but it is always best to try to pay your taxes when they’re due because allowing tax debts to accumulate can potentially have unpleasant consequences.
One disadvantage of not paying your taxes is that the IRS can decide to garnish your wages. If the IRS keeps sending you notices to pay up your tax debt and you fail to, they can resort to using one of their infamous collection tools which is a wage garnishment or a wage levy, by contacting your employer and getting access to your earnings. So a quarter or more of your salary begins to go to the IRS which will likely put you in a bad financial condition.
Thankfully, it is possible to stop a wage garnishment. There are options available for you on how to stop wage garnishment and we will discuss a few today.
All you need to do is decide on which best fits your tax situation based on how much you owe and your financial status. The best methods regarding how to stop an IRS wage garnishment are outlined below:
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Settle the debt immediately
Paying the debt in one lump sum is the fastest way to stop a wage garnishment. If you have the means, it is best to pay off the debt immediately you become aware that a garnishment has been set in motion.
You can do this over a phone call, a mail, or even online using your debit card. If this requires that you liquidate some assets, then you should go ahead and do so.
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Go for an offer in compromise
There are provisions made available by the IRS for you to settle your tax debt for less than you owe. You may want to explore these options. One of them is the offer in compromise.
If you qualify for an offer in compromise, you will be allowed to settle the tax debt for way less than you owe depending on how well you negotiate with the IRS.
Unfortunately, not everyone qualifies for an offer in compromise. You can go to the IRS website and complete the IRS pre-qualifier form to see if you are eligible for an offer in compromise.
If your request for an offer in compromise is rejected, you can appeal that rejection within 30 days of receiving the notice from the IRS. It is also advisable to get a tax professional to help you improve your chances of success with your OIC request. Contact us today.
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Apply for a payment plan
You can settle your debt gradually by paying it in little bits every month. You can pay in installments by paying a fixed amount every month for up to the next six years.
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Currently not collectible
If your current financial situation is very poor, you can contact the IRS and let them know how bad it is. If they listen to your story and agree that your financial situation very bad, they will halt all collection actions on your account; this is known as a “currently not collectible” status. . This does not mean that you have escaped the debt forever. You will be expected to pay the debt as soon as your financial situation gets better.
Take advantage of the options available for you to escape wage garnishment. Contact us today to help you decide which is the best fit for your unique situation.
About us
We are a tax relief firm dedicated to giving you the best results regarding resolving your tax debts. Our team of qualified professionals is available round the clock to provide you with the assistance you need to overcome your tax debts and be well on your way to financial freedom. Contact us now at 888-585-8629 or 617-430-4674 or send us an email at [email protected].
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