Tax debts can cause great distress. If you failed to pay your IRS taxes on time, your concerns begin with the penalties and interest that will be incurred. These additional costs will make it even more difficult for you to pay the taxes in full. If you are still unable to pay your tax debt when the IRS sends you their final demand, you will have more things to worry about such as the Final Notice of Intent to Levy and the Notice of Your Right to a Hearing. If you ignore these notices, you may forego your chance to benefit from any of the IRS’s tax relief programs. The IRS will implement more aggressive collection actions causing even greater grief and financial difficulty.
To collect the IRS taxes you owe, the IRS is legally authorized to levy your bank account or seize your property. Wage garnishment is a type of levy that allows the IRS to take a portion of your salary. Based on the tax code, the IRS will determine the amount you will be left to cover your basic living expenses. For example:
- If you are married earning $ 6,000 monthly filing a joint return and claiming two exemptions, you are allowed by the tax code to keep only $ 1,625 each month. The remaining monthly wage of $4,375 must be remitted to the IRS by your employer. This will continue until your tax debt is paid in full.
Wage garnishment causes you to worry about your family’s well-being and places you in an unfavorable light with your employer. It should bring you great relief to learn there are professional tax relief companies in Maryland that can ably assist you at this point. Armed with a wealth of experience in handling wage garnishment and bank levy cases, Tax debt resolution helpers from Instant Tax Solutions can work to lift your wage garnishment and release your bank levy. With these tax attorneys, you will find you have not reached a dead end. They will represent you before the IRS and work to obtain a tax relief program that is fair and affordable for you. Your peace of mind will be restored with help from our tax attorneys.
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