Stop Your IRS Wage Garnishment

A wage garnishment or wage levy is something that no one wants to happen. Having the IRS tell you how much money you need to live on each week, is stressful, and may cause you to fall behind on your other obligations. If you live in New York City and have received a notice from the IRS or are currently having your wages garnished, contact New York Tax Attorney Service at (347) 535-4017 to be connected to a tax consultant.

What is an IRS Wage Garnishment?

A wage garnishment is a measure taken by the IRS in which they contact your employer to withhold a portion of your earnings. Your employer is then required to submit that money to the IRS, to satisfy your IRS debt. Note that there will also be penalties and interest accrued on the amount you originally owed.

How to Stop an IRS Wage Garnishment:

The most apparent way to stop an IRS Wage Garnishment is to pay them off in full. Obviously, most people cannot afford to do that, so luckily, there are other options available.

• Installment Agreement: The IRS has a payment option available, called an Installment Agreement. This is a way to pay your debt over time, in monthly payments. If you make timely payments and pay the amount in full, you may be able to reduce or eliminate the penalties and interest. Read more about installment agreements.
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• Offer in Compromise: An offer in compromise allows you to possibly lower the amount you owe to the IRS, by submitting them an offer of what you think you can pay. You will send in your offer with a 20% payment and the amount of the fee to set up the offer. If the IRS accepts, you can usually make 5 payments or less to satisfy the amount owed. Find more information about an Offer in Compromise.

These are just a couple of options available, and there may be more, depending on your financial situation. One thing is for sure though; a wage garnishment can be a huge nuisance. The best option is to never ignore letters from the IRS, and try to work out an agreement before it gets to this point. The IRS will continue their collection process until the balance owed is fulfilled, so the sooner the better.

Get Help On Stopping Your IRS Wage Garnishment

Trying to work out an agreement with the IRS can become a hassle quickly, if you do not have the time and energy to focus on it. Getting the IRS to stop a wage garnishment can be difficult, so you may need the help of a qualified tax professional. New York Tax Attorney Service can get you connected with a tax consultant if you live in New York City, . You can contact New York Tax Attorney Service today at (347) 535-4017.