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Avoid the IRS Taking Your Paycheck!

The IRS has the ability to take up to 75% of your paycheck (it doesn’t matter if you’re salaried or hourly). The IRS will only allow you to keep enough to pay the bare necessities, like food and shelter. If you have already been hit with a wage levy, that’s the topic of a different post but, in short you need professional help or you need to contact the IRS directly. But be prepared to provide them with very detailed financial information. If you want to avoid a wage levy in the first place, I have listed some suggestions below.

First, don’t ignore the IRS. They go through a process of sending you notices and correspondence. The list goes out through the IRS Automated Collection System (ACS). Ignoring the IRS will only make them more aggressive. Do your best to respond to the IRS or their agents.

Second, gather up your financial information. The IRS is ultimately going to want to know what you do with your money. They almost always ask for a snapshot of your monthly income and expenses. If the IRS has already levied you, you will need to provide them with monthly income and expense numbers in order to get the levy released. Even if they have not levied you yet. If they are on the verge of beginning a wage levy, you can avoid it by getting them your financial information. You can usually work out a payment plan with them in order to avoid the wage levy, or, if the levy is in place, to get it removed.

If your financial situation is very dire, the IRS may remove the wage levy by placing you in what is known as Hardship Status, or also known as Currently Not Collectible. However, keep in mind that while you are in Hardship Status your debt continues to grow and the IRS can remove you from Hardship Status at any time that it wants.

Please give me a call for a free IRS strategy session to see what we can work out!