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One of the most nightmarish things that will haunt you is the IRS Wage Garnishment. This appears when you have unpaid taxes and the IRS cannot wait anymore to collect them. You must make sure that you don’t fail in paying all your taxes on time. As the maxim goes, ignorance of the law is not excused so you don’t have any other choice but to face the aggressive tools that the United States of America will use against you. So if you don’t want to face the punishments, all you have to do is to abide by the tax rules.
If you are a tax payer who thinks that the main goal of the IRS is to make your life suck, just erase that bad thought in mind because they are just doing their duty. In fact, that is just a good way in order for them to help you get back into the system of tax payment. In order for the IRS to accomplish this excellent goal, the tools that they use are bank account levies, wage garnishment, and property levies. These methods either together or separate will be the ones to get your attention right away if you will not do anything to settle them.
If you are just a neophyte in the IRS tax paying system, all you have to do is to get acquainted to the tax rules in order for you to know what to avoid. Always remember that little learning is a very dangerous thing because it may be the one to cause your downfall. Sometimes, you can also refer to the IRA tax rules.
If you have owed taxes, the IRS will have the right to seize any personal or real property you own. But what are these personal properties and real properties? The former pertains to your savings, paycheck, and money in the bank account while the latter pertains to home, car and appliances.
The IRS Wage Garnishment will not just appear like a mushroom. Before it comes, you will be sent a notice which contains all your due taxes in the past. There is also a stipulation of a demand that you must pay them within 10-30 days depending on the type of tax you owe them. If you unfortunately failed to pay your taxes, you can still have the chance to arrange a certain payment plan by simply contacting the IRS. If you were not able to pay your taxes or contact the IRS, you will be sent a Final Notice. After 30 days, the IRS will already make a move to establish the wage garnishment.
In order for the IRS wage garnishment to be identified, the tax owed by the taxpayer will be calculated. The usual equivalent of the calculation will be between 30-70% of your paycheck. Take this as an example: every 2 weeks you are receiving a gross paycheck of amounting to $1,000. If the wage garnishment given is for 50% of your check, the IRS will take a total of $500. You will have to suffer for so many times because this will only stop until you have paid off the tax debt.
See? That is a bit scary right? So in order for you not to suffer financially, all you have to do is to abide by the tax rules of the IRS wage garnishment. By referring to the IRA tax rules you can also seek some help.
