If you owe back taxes and don’t contact the IRS to work out a solution, you could end up having your wages garnished. That means that the IRS will contact your employer and have funds directly taken out of your paycheck to cover your debts. So, if you’ve recently received a notice of wage garnishment, the time to act is now. Fortunately, there are several ways that you can put an end to wage garnishment, even before it starts.
Set Up an Installment Agreement
If the IRS is planning to garnish your wages, you may be able to avoid this action by setting up an installment agreement. This will allow you to pay off your debt in smaller monthly installments, and you won’t have to worry about large sums of money being taken directly from your bank account.
Secure an Offer in Compromise
Another option you have is to secure an offer in compromise. This is an agreement to resolve your tax liability for less than you actually owe. If you have the funds to handle this type of payment at once, you can apply with the IRS and avoid wage garnishment altogether.
Of course, enacting these preventative measures may require professional assistance. When you need help dealing with a wage garnishment, you can depend on the tax help pros at Taxation Solutions, Inc. We’re the tax relief specialists you can depend on for help with any tax problem in the Charlotte area!