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| Warning - The IRS Can Levy Garnish Your Wages | |||
| Home » Articles » Finance » Taxes Income | |||
| Autor: | Tripp Atkins | ||
| Article Submitted On: | 2008-07-24 | ||
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If you wake up scared most days wondering if this is the day that the IRS is going to catch up with you, allow me to give you some hope. Just because you owe the IRS money for your past due taxes does not mean that you are going to jail if you get caught. Luckily, in the United States there is no debtors' prison, however, when you owe the IRS you are going to have to make arrangements for the taxes to be paid back. One of the easiest and most common ways for the IRS to get money from you when you do not voluntarily pay them is through a wage garnishment from your employer. You see, the IRS knows who you work for because your employer is required to report what they pay you to the IRS. After that, it is almost as easy as the push of a button for a levy to be issued to your employer to begin withholding money from your pay check. This can harm you in more ways than just the obvious. Of course, a wage garnishment hurts your pocketbook. The IRS levies a large portion of your gross income leaving very little for you to survive on. But this also puts an additional burden on your employer. Now they are required to adjust their payroll system to account for your wage The fact is, that there are several programs set up by the IRS to allow you to negotiate your tax liability and to release your wage garnishment a few different ways including negotiating an installment agreement that you can afford to pay each month or negotiating an offer in compromise that allows you to settle your debt for less than you owe.
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