This Article is About
wage garnishment
offer in compromise
financial future
Stopping Wage Garnishments
Join 1000's of Authors at StreetArticles Today!

If you've ignored repeated notices about your tax debt from the IRS, a wage garnishment will be in your financial future. But, there are ways to avoid one. Some don’t need a tax attorney, while others are greatly aided by hiring one. You can avoid a wage garnishment by doing the following:

Paying Your Taxes on Time

Meeting the IRS' payment deadlines helps keep you o# of their radar and out of their spotlight. Missing their deadlines and replying to their notices in an untimely manner only brings scrutiny and unwanted attention to your case. That can lead not just to added fees and penalties, but a potential audit down the line.

Paying Your Tax Debt in Full

This not only avoids the IRS’ costly interest rates and penalties, it can avoid negative marks on your credit report. Paying by credit card or with a bank loan are ways to do this and can save you money in the long run.

Setting Up a Payment Plan

An installment plan with the IRS enables you to pay your entire tax debt through smaller, more manageable payments. While you’ll avoid paying the entire lump sum at once, your entire debt will increase due to interest and fees. It is a tricky process, but a tax attorney familiar with IRS procedure will be able to guide you in the right direction and make sure that the payment plan is fair and manageable. You may even qualify for a partial payment plan, where the collection statute expires before the tax debt is paid in full, which could save a qualifying taxpayer thousands of dollars on average.

Filing an Offer in Compromise

This is an agreement with the IRS to settle your debt by paying less than the full amount. The process is complicated and the IRS looks at these with a heavy dose of scrutiny, so hiring a tax attorney is essential. Once the OIC is filed, collection action is placed on hold until the offer is reviewed, so a wage garnishment won't be a threat unless the filed offer isn't accepted. If that happens, collection of the tax debt becomes a priority, and a wage garnishment or bank levy will invariably occur.

If you have back tax debt, hiring a tax attorney to manage it is your best bet. Negotiating with the IRS is a bureaucratic and technical process, but the professionals at StopIRSDebt can negotiate on your behalf to obtain a resolution option that’s right for you.

Street Talk

No comments present
You May Also Like
What To Do Next When You Got A Collection Letter In The Mail
With the unstable economy and an unsure future of most businesses, the last thing you need is a credit card debt collection letter landing in your mail. Unfortunately, this happens to hundreds of people across the country. It’s their reality. If such is the case, don’t panic. There are steps…
By: Vivienne Knoxville in  Finance  >  Credit   Jul 15, 2012  
  Likes: 1

Help With Bills for Low Income Starts Here!
Many people are feeling the crunch of the economy, and many people are experiencing the need for quick cash. Unfortunately, this leads to risky choices that can land you deeply in debt. The good news is help with bills for low income starts here! What does that mean? What it…
By: Shawn Lee  in  Finance  >  Debt Relief   May 10, 2013  
  Likes: 0

Do’s And Don’ts: Dealing With Junk Debt Agent
Dealing with aggressive debt agents is tricky. However, it is important to keep a few things in check when you talk to talk to an agent. In this post, we will discuss do’s and don’ts to keep in mind when dealing with a junk debt buyer: Don’t Divulge Personal Details…
By: Vivienne Knoxville in  Legal  >  National State Local   Jun 07, 2012  
  Likes: 0

IRS Uncollectible Status
Many tax resolution companies go above and beyond in their attempts to attract new clients. While there is nothing wrong in marketing your business, sometimes these attempts cross the line of what is considered to be ethical. All of us heard misleading statements made by some tax resolution companies, with…
By: Ian Jackson in  Finance   Dec 06, 2012  
  Likes: 0

Proven Methods to Be Relieved Of Your Timeshare Obligations
Timeshares for many years have been purchased as a traveling concept with the understanding that the purchaser holds a deed which represents real property value. FALSE!!! Timeshare sales representatives have been using deceptive sales practices for the last 50 years. Deceptive sales practices employed by the resorts’ representatives, is widely…
By: David W. Bates in  Finance  >  Debt Management   Apr 01, 2016  
  Likes: 0

How to Get Out And Stay Out Of Debt
If there one thing that modern man tries to extricate himself from is debt. Most people and household these days are deep in debt that they don’t know how to start fresh and live a better life. They are either incapacitated paying credit card debts or loan and cannot get…
By: Ern Banawa in  Finance  >  Debt Management   Mar 27, 2016  
  Likes: 0

Debt Ratio Analysis As A Tool Of The Company’s Financial Sustainability Measurement
One of the indicators of the company’s financial health is its ability to carry its debt. In the long run this means the ability of a firm to meet its long-term obligations upon the request of creditors without a risk of becoming a bankrupt. It can be measured by performing…
By: Alex Sakevych in  Finance  >  Debt Management   Mar 25, 2016  
  Likes: 1

Term Life Insurance – Practical Protection In Your Case Throughout Times Regarding Financial Pressure
A life insurance policy is generally an enormous purchase. Contemplate it - your own self insurance plan will help your self-associates once you get fiscal tension even though that you are living, after which it they may help ones beneficiaries, who are typically all your family associates, additional personal stress…
By: conversionoptionagelimitlifeins in  Finance  >  Debt Management   Jan 21, 2016  
  Likes: 0

Having Enough Debts to Worry About
Ways To Generate New Debts. Many people live their life starting to generate debt at a very young age, the cause of having this problem are due to their negligence of handling money without any form of financial education. The financial banks have provides many variety of marketing of credit…
By: Wee in  Finance  >  Debt Management   Aug 22, 2011  
  Likes: 0

Get Help By Our Experienced And Dedicated Debtor Management Team In Melbourne
In case there is one territory of a business that ought to never be overlooked, it's overseeing business borrowers. Effectively overseeing business debtors may seem unpredictable, given the basic purposes behind business debt. By and large, insufficient debtor management is the reason business debt develops in a quicker manner. You…
By: Antonio Costa in  Finance  >  Debt Management   Oct 17, 2015  
  Likes: 0

Balance Transfer Credit Cards And What You Should Know About Them
Carrying a high credit card balance can be very frustrating especially when you look at your statement and see that you are getting charged hundreds of dollars of interest a month. If you're like me you might be wondering if there is a faster, better way to pay off your…
By: Thomas H in  Finance  >  Debt Management   Jun 13, 2011  
  Likes: 0

The Best Thing to Do In Paying Off Your Debts
For many people, eliminating debt is truly one of life’s challenges. Unless you set about thinking hard and intensely want to get out of it, you will turn out living your life full of debts. So, how are you about to settle your debts? You may decide either one of…
By: Jay20 in  Finance  >  Debt Management   Jun 30, 2015  
  Likes: 0

Tax Debt In Dallas Tx: Don’t Let It Ruin Your Business, Get Help Today
If you own a struggling small business, you already know the government may not be overly anxious to help you succeed. Recent mandates to provide mandatory health insurance, and other regulations can make it difficult to remain solvent, let alone turn a profit. Most small business owners take care of…
By: Dennis Colon in  Finance  >  Debt Management   Jun 15, 2015  
  Likes: 0

How to Reduce Your Debt Before Retirement
If you are struggling financially, the thought of retirement may cause more stress and anxiety than relief. Fortunately, there are several measures available to help you begin to offset debt prior to retirement. This means you'll have to figure out how much to save, and you'll need to begin the…
By: Amy Johnson in  Finance  >  Debt Management   Nov 22, 2013  
  Likes: 0

3 Strategies For Reducing Your Current Debt
The No. 1 way of reducing debt is to reduce monthly expenditures. One way to recognize your potentially fatal spending habits is to keep a record of every expense made for one month. You might be surprised to know the result! At the end of each month, you could see…
By: David Dicristo in  Finance  >  Debt Management   Sep 17, 2012  
  Likes: 0

Article Views: 1375    Report this Article