Last updated 8 days ago
Wage garnishment is a tool that the Internal Revenue Service uses to gain compensation for unpaid taxes or tax debts. While wage garnishment may not seem as serious as tax liens, it can still have a dire impact on your future. Fortunately, an experienced tax negotiation firm can aid tax filers who are facing wage garnishment.
Wage garnishment is used by taxing authorities to force collection of the taxes they believe you owe. Each week or month money will be taken out of your paycheck and forwarded to the IRS. Even if you own and control the business, your employer is required to collect a significant percentage of your pay. Wage garnishments stay in effect until the IRS is paid in full or until the IRS agrees to release the garnishment.
Facing wage garnishment not only eliminates a large portion of your regular income, but it also makes it more difficult for you to pay for other bills and necessary living expenses—ultimately increasing your debt even more. Wage garnishment can also impact your career by lowering your level of respect in the workplace.
A qualified and knowledgeable tax relief agent can help you fight wage garnishment through tax negotiations, or Offers in Compromise. In cases where the garnishment cannot be removed, your tax relief agent may be able to lessen the amount of income garnished from each pay period.
Whether you want to stop wage garnishment or are facing a tax lien, the tax negotiators with Wall & Associates, Inc. are here to help. Learn more about your tax relief options by contacting us online or by calling 800-337-6699.
Not a solicitation for legal services.
Last updated 21 days ago
Receiving a letter from the IRS regarding an upcoming audit can be one of the most terrifying events a self-employed taxpayer may have to experience. As with any tax issue, the best way to handle an audit is to speak to a tax relief specialist for more information on what you can expect during the process.
The IRS agent assigned to your case will need to review several documents during the audit process. Prepare yourself by organizing your bank statements and records from asset sales, alimony, pensions, and any tax refunds. Once the agent reviews this information, he or she will investigate the results of any previous audits, prior year’s tax results, and any current or previously enforced tax penalties.
Individuals who own their own company or are self-employed should expect the IRS agent to ask a number of questions, including:
- Whether or not you reported all of your business sales and receipts.
- If you wrote off personal living expenses as business expenses.
- If your lifestyle exceeds the reported self-employed income amount.
- If automobile expenses were written off that were not related to business travel.
- If all cash transactions were reported.
- Whether or not payroll tax deposits were done in a timely, efficient manner.
The IRS agent will provide you with a report at the end of the audit that outlines any recommendations and the total amount of money owed. You will also be asked to sign a waiver at the end of the audit. Don’t let the IRS take advantage of you by going through the process alone. Avoid potential tax problems by working with a tax relief firm that can help you prepare for the process and offer representation during the audit itself.
Let our tax relief agents with Wall & Associates, Inc. help resolve your state or federal tax issues. Our agents specialize in resolving unpaid taxes, removing liens and levies, and stopping wage garnishments. Call 800-337-6699 to set up a free initial consultation.
Not a solicitation for legal services.
