There are a lot of implications when
you receive a notice saying that the IRS will garnish your wages. That action
by the federal agency ensues after you haven’t paid taxes and you haven’t done
anything to pay the debt. Your employer will have no choice but to allot a
portion of your salary to this legal order. You can expect the following things
after receiving the notice:
They can deduct a big chunk of your
wage.
Although
there are maximums or limitations to how much they could take and you can claim
exceptions, the IRS can levy as much as 75% (or even more, sometimes) of your
income. They would not consider your daily expenses, but base their
calculations on your debt and on the tax code dictating the average amount of
basic necessities.
Wage garnishment can affect other financial
aspects in your life.
Aside
from naturally affecting your expenditures, especially if you’re living from paycheck
to paycheck, having wage garnishment on your plate can be detrimental to your
reputation and credit score. Acquiring loans for your other needs would be more
difficult, too.
You have rights.
Wage
garnishment doesn’t have to ruin your life, and you must be conscious of your
rights to successfully get past the challenge of this legal order. Get
professional IRS wage garnishment help to negotiate a payment plan or
settlement that would be sensitive to your needs.
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