IRS Wage Garnishment Release

IRS Wage Garnishment

Owing back taxes is not a pleasant experience for anyone. The government needs their money and will not let up on anyone regardless of the situation they find themselves in. Depending on the amount that is owed, many people cannot get their hands on the entire amount within the allotted time period. When a full payment is not received by the IRS, they may put a wage garnishment order into place.

The IRS will determine your wage garnishment based on the amount of money you owe and what they consider a reasonable amount of time to pay off this debt. They will also look into the amount of money that you bring home each month. By law, a certain percentage of your paycheck must be left over after a garnishment so that you will be able to pay for living expenses. The number of dependents that you have will also play a role. If the wage garnishment amount set by the IRS exceeds that percentage, they will only receive the allowed percentage by law instead.

Once the IRS determines a wage garnishment, an official garnishment order is sent to your place of employment. Your employer must then, by law, remove this amount from your paycheck each pay period and send it in to the IRS. The IRS will then apply these payments towards the back payments that you owe. The wage garnishment will last until the entire debt is paid off or until the IRS decides that the amount you have paid is sufficient. In most cases, the IRS will not allow the garnishment to expire without the entire debt being paid. However, a knowledgeable and skilled tax attorney may be able to stop your IRS Wage Garnishment.

Advantages And Disadvantages To An IRS Wage Garnishment

There are many advantages and disadvantages to having the wage garnishment. One of the biggest disadvantages is the fact that you are not left with a lot of money. In many cases, there is nothing left for the extras that a person is used to having in life. An advantage to the wage garnishment is that you will not need to worry about setting aside monthly payments to the IRS.