Timely tax payment is an important responsibility of every citizen and in the long run amounts to a better society with better amenities. Tax deductions from the salary do hurt and many resort to tax evasion as a way out. It must be understood that while tax evasion might appear as lucrative way out for a short term, it is definitely not the solution. Professional guidance from credible and reliable tax solution firms can come to the rescue at the critical point. These solution providers not only help in filing tax returns on time but also deal with wage garnishment and bank levy which IRS can resort to as means to bring the unpaid tax backlog to the defaulter’s attention.
Unpaid taxes do not go unnoticed by the IRS. Sooner or later the defaulters are identified and stern procedural action, IRS Levy, and IRS tax lien is taken against them. Extra interest is also levied over the amount owed to the IRS increasing the amount to be paid back. Therefore, longer the taxes remain unpaid, more is the interest levied on them and more the burden on the defaulters when they ultimately pay the debt.
The initial action by the IRS consists of sending a series of system generated letters to remind the non-payer of the tax amount owed, the interest levied and the penalty. If these letters are not responded to, the IRS resorts to wage garnishment and placing a lien on the physical property and starts selling it to recover the debt amount. An IRS lien is a public record and can affect the credibility of the shirker. Wage garnishment is a powerful instrument held by the IRS to recover the tax liability. IRS can withhold up to 80% of the nonpayer’s wages and freeze their accounts so the access to their own money is denied. This is the worst situation defaulters can get themselves into.
To avoid these kinds of embarrassing circumstances, it is imperative to seek expert advice at the receipt of the first notice from the IRS regarding tax levy and penalties. An experienced tax professional can review the tax records and detect any missed deduction and tax credits. A professional with the right kind of experience and understanding is the best person to handle these situations. Some people might receive an IRS notice despite timely filing of tax returns. There might be certain points that they might have missed out during tax filing which could easily have been noticed by a professional.
An old adage states that prevention is better than cure. The same applies to wage garnishment and wage levy. It is always better to avoid running into such kind of a situation which can hamper one’s credibility and trustworthiness as these can have a major impact on one’s professional as well as personal life. The best solution would be advice from an expert tax analyst at the time of tax payment. These professional can point out any missing credits which might have gone unnoticed by the tax payer. The investment is worth the stress free convenience and a relaxed frame of mind these services ensure.
Once a taxpayer gets a notice from the IRS, it is essential for him/ her to take immediate action. An expert professional is the best person to get the defaulter out of the situation by the application of procedures and clauses, an individual might not even be aware of.
If the defaulter does manage to get himself into the worst situation of wage garnishment, the last resort to prevent the IRS from taking over his assets and freezing the account could be the hardship tax relief petition. This procedure requires accurate drafting and presentation of the current non collectible proposal. It therefore becomes mandatory to consult an experienced tax professional who is well versed with the system.
Thus it can be concluded that it is essential to seek professional advice and guidance to ensure hassle free tax returns. These experts provide solutions to tackle all kinds of tax related issues and ensure complete peace of mind for the client. This surely amounts to a worthy investment.
Mike Habib, EA, is an IRS licenced enrolled agent who ensures personalized involvement in all the cases. The quality of his work can be judged by the fact that he is one of the very few in the industry to have an Excellent “A+” Better Business Bureau ratings. This kind of know-how, skill, experience and dedication makes him the best person to handle all your tax settlements and unpaid back taxes. His website www.mytaxrelief.com specializes in customized handling of all tax related issues. With him on the forefront, one can be assured of the best solution for all their tax handling needs.
Call Mike Habib today at 877-788-2937.