Tuesday, March 31, 2015

Can’t Afford Wage Garnishment? Options to Explore

Living from paycheck to paycheck is all too common these days among people who have small or average incomes and large spending. They may be paying for necessities or for luxuries, but sometimes, they may only be trying to get rid of an old debt or paying off a loan. It’s hard enough to make ends meet, so what more if the IRS imposes wage garnishment because of back taxes?

Fortunately, you can find ways to prevent the IRS from taking some of your income regularly, or to stop wage garnishment once you’re made aware that it’s happening. In these cases, you may get professional IRS wage garnishment help from experienced tax lawyers. Your lawyer can negotiate for filing or payment extensions, or arrange for an installment plan. You may still incur additional fees, like interests or late payment penalties, but at least, you will have additional time or you can have a say on setting the terms of your payment plan.

Of course, you may still find that asking for a few months extension or committing to an installment plan may still be unaffordable, especially if you have a pile of debt and other financial responsibilities. Fortunately, with your tax lawyer’s guidance and instructions, you can check if you’ll be qualified for an offer in compromise (OIC). You will need to undergo a rigorous eligibility screening, but if you qualify, an OIC will allow you to settle your tax debt at significantly lower costs.

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