If you’re like most people, you may occasionally have difficulties fulfilling your tax responsibilities to the IRS or the state, and you may be concerned that you’ll need to know how to prevent and escape an IRS or state wage garnishment or wage levy.
You are not the only person who fears having to pick between purchasing food and receiving medical care and paying income taxes. The answer to your question, “how to stop IRS wage garnishment” is given below:
Pay the taxes
The quickest approach to remove a wage garnishment or levy from the IRS or a state agency is to pay the delinquent taxes in full, including any penalties and interest that may have been assessed. If you have the funds or can find a means to obtain them, you may be able to avoid levies and garnishments in this manner. We believe you should avoid taking this course.
No missed deductions and credits
Obtain a second opinion from a tax professional to ensure you have not missed any deductions or credits. This method can be used to stop an IRS or state government wage garnishment or levy. If you owe a lot of back taxes, it may be worth it to hire a tax expert, especially if they can help you pay less in taxes overall.
People occasionally forget that it is in the debtor’s best interest to prevent levying while attempting to stop a wage garnishment or levy by the IRS or the state. Even though the practice is legitimate from a commercial perspective, the IRS and the state may not approve because it is expensive and wastes valuable resources. Because of this, they frequently negotiate. As soon as you file any outstanding tax returns, you will be compliant.
After that, you may request a payment plan and agree to pay a monthly sum until the tax bill is paid in full. For this arrangement to succeed, timely payments are required. Remember that this is a one-time offer, and if you do not fulfil your end of the bargain, the IRS or the State will take more severe measures to recover their money.
Offer in Compromise
Last but not least, when considering a state or IRS levy or wage garnishment, an “offer in compromise” should be considered. If you qualify, you can submit an offer in compromise to the IRS to pay less than the total amount of taxes you owe. In certain instances, the IRS or a state tax agency will gladly accept a tax settlement. This is especially true if the amount exceeds what they may legally recover. As not everyone is eligible for an offer in compromise, it is to your best advantage to seek assistance from a tax professional as you work on this crucial proposal.
A Petition for Hardship Tax Relief could be your final chance to prevent the state or the IRS from seizing your wages or bank accounts. You will want the counsel and assistance of a competent, seasoned tax expert to ensure that the currently non-collectable plan is drafted and presented effectively. If you have a lot of money at stake, you should hire an experienced tax professional to help you fight a wage garnishment or levy by the IRS or a state.