Let’s Face it: We’re heading into a recession. The government won’t admit it, but we know it’s true. The price of gas and food keeps going up while our paychecks stay low. So how can you possibly survive when the IRS is Garnishing your Wages, leaving you only a tiny fraction of your paycheck?
Pay them off: If you enter a installment agreement with the IRS they will no longer levy your wages. However, if you default on that payment plan, they will go after your wages again. The trick is getting a payment plan that is truly affordable for your budget. If you owe more than $10,000, this may be harder than it sounds. A tax debt professional may be needed to make sure you are placed in the best plan.
Economic Hardship: If you can prove to the IRS that the levy is causing an economic hardship, you can get the levy removed. But watch out. This is a tricky job. You have to provide ample documentation that proves if they continue to levy your wages you cannot pay for basic needs like food, utilities, basic clothing, materials for school, and tools for work. Doing this incorrectly will mean more than not lifting the garnishment. It could also mean exposing accounts you'd rather keep private to other kinds of IRS levies.
The Deadline: The IRS has 10 years to collect on your debt from the date of assessment. Certain factors, such as Bankruptcy and applying for an Offer in Compromise, can change that. However, it is usually 10 years. Once those 10 years are up the IRS has to stop Garnishing your Wages.The closer the IRS gets to that deadline, the more aggressive they will become. They won't give up on collecting you without a fight! You shouldn't either!