IRS Wage Garnishments
Is the IRS taking money out of your paycheck? This can put you and your family in a bad situation very quickly. Also, it can affect your job since your employer must be notified of the situation; the payroll department must be alerted on how to handle your money. Call us today before it is too late! Once you receive your first notice in the mail, either an Intent to Levy document or a Demand of Payment, we can start working on a way to prevent this from happening. Formal negotiation with the IRS can prevent your day-to-day life from being affected by tax liability. See how we can help with Wage Garnishments!
Why the IRS does Wage Garnishments
There are a number of reasons why the IRS will garnish your wages. From unpaid back taxes and unpaid child support, to alimony or student loan debt, whatever the situation, wage garnishments are tough to deal with. Many tax laws vary from state to state, so it’s important that you understand the laws specific to your state. If the wage garnishments have begun, the IRS may be entitled to 25 percent of your disposable income or the amount that your income exceeds 30 times the federal minimum wage, whichever is less. Your disposable income is established by subtracting required deductions from your total paycheck. Required deductions include federal and state taxes, state unemployment insurance taxes, Social Security, and required retirement deductions. Voluntary deductions, such as health insurance, charitable donations, or savings plans, are not required deductions. If you have been served with wage garnishments, Call the professionals at OIC Tax Services today. We want to relieve you of the stress and help you to get back on track.
