In the event you have received notice that your wages are set to be garnished by the Internal Revenue Service for delinquent taxes, there are some things you should know. If you act quickly (within 30 days from the date of your notification) you may be eligible for IRS wage garnishment help.
There are four common ways to avoid garnishment of your wages by Uncle Sam. Some are easily negotiated while others will require more due diligence. If you wish to take advantage of any of the following options for IRS wage garnishment help to settle your debt with the IRS before they settle it for you, you need to get busy. Your options include:
- Full Payment: Bite the bullet and arrange to make full restitution for the amount in which you are delinquent on your tax liability. Unfortunately, while this option will get you out of the frying pan the fastest, it may send you leaping into the proverbial fire if your tax bill is incorrect.
- Pay Only the Exact Tax: In this scenario, you will work with the IRS to determine the actual amount of tax due, minus any penalties that have been assessed prior to your request for IRS wage garnishment help. Once the new total is reached, you will make your payment. Convincing tax authorities to drop penalties will require you to prove there was a legitimate reason for your default; not simply that you forgot or willfully neglected to pay on time.
- Create an Installment Plan: Pay the amount you owe over time. Requesting this type of IRS wage garnishment help is similar to making any other recurring monthly payment.
- Offer in Compromise (OIC): This is easiest to explain when likened to a settlement offer you would make with a credit card company or other lender. Unless the amount offered is at least equal to your Reasonable Collection Potential (RCP), you will have a hard time getting this approved.
Once you and the IRS work your differences out, be sure to stay on top of your tax liabilities from that point on.
