Metro Area- San Antonio-New Braunfels, TX MSA
If you are living in San Antonio or New Braunfels and you are facing IRS wage garnishment, then it is the time to seek help from professional tax resolution services and always get represented by either an IRS enrolled agent, CPA or a tax lawyer. Wage garnishment or imposing a levy is a method of the IRS for collecting back taxes dues of taxpayers.
In general, IRS levies are wage garnishment your wages and bank levy on your accounts. However, it may also include seizure of your, furniture, equipment, vehicles and other assets. Assets of up to $3,390 are protected from IRS seizures.
The IRS has the full authority to impose any wage garnishment on any taxpayer. It doesn’t need a court order for garnishing your wages and assets. You will just receive a letter from the IRS which will warn you about their possible levy actions.
The bank has to turn over all your money in the accounts to the IRS once the garnishment is levied on you. Whatever money is there in any account, all are taken by the IRS irrespective of the source it’s coming from.
The wage garnishment remains effective until you pay your tax dues in full. If you resolve your tax matters after a levy started, the IRS may release the levy. Even Social Security benefits are not exempt from such levies.
However, there is a limit to the amount that can be taken from your salary. In general, it should not exceed 25% of your weekly income. However, there are some exceptions to this rule. In some cases it may exceed 30 times of the minimum hourly wage. It happens when you get a salary over the federal minimum hourly wage. The IRS has the right to take everything you earn above $3.83 an hour. So after your wage garnishment you will not have much money on hand.
In a condition when you support your spouse and also have dependent children, the levy by the IRS cannot exceed 50% of your net income. In case of a single taxpayer, garnishment can be 60%.
Do not take the threat of wage garnishment lightly. When you receive the IRS notice of Intent to levy, you should immediately contact an expert tax relief professional such as an IRS licensed enrolled agent who will be able to handle the situation better and will save you from worse financial situation.
Wage garnishment will not leave you with much money to pay your mortgage payments or pay your bills and so you need expert help to release that IRS levy.
Get expert tax help today by calling Mike Habib, EA at 877-788-2937
Tax problem resolution, IRS tax help and tax relief services in San Antonio, New Braunfels, Schertz, Seguin, Bexar County, Guadalupe County, Medina County, Atascosa County, Wilson County, Comal County, Kendall County, Bandera County, and other cities in Texas