Taxes can be a difficult thing to tackle. The IRS seems to demand more and more money with more rules and stipulations from us year after year. With all of these changing rules and new policies that often confuse the brunt of people perhaps it is time to hire yourself a tax attorney before all of the numbers and rules get out of hand and you find yourself in more trouble than you imagine. If you have outlying taxes then a bank levy could be placed on your bank account. Here is what you need to know if you get any paperwork saying that there is a bank levy out to collect your unpaid taxes.
While taxes may seem like a nascence, they really do go to causes that we need to concern ourselves with. In fact, most of your paid taxes go to things such as Medicare and Medicaid, as well as a percentage going to social security, which is the money that will come right back to your pocket.
However, if you still find yourself in trouble with a bank levy looming, than your tax attorney will be just the person you need to take your case and prevent further trouble from surmounting. Here are some common facts about what a bank levy is and how to deal with tax punishment.
What is a bank levy?
When you have bills or taxes that have not been paid in an adequate amount of time, then a creditor can place a wage garnish on your pay or your bank account in order to take money directly from your work paycheck or from your bank account in order to repay the debt that you owe them from your outstanding balance in order to get their money back form you.
How to stop a levy on your bank account
There are several ways to stop a bank levy from being placed on your bank account. However, all of these outlets would be best if you first hire a tax lien attorney or a tax lawyer to help you to present your case and win. A tax levy is very serious and no one wants to be hurting from garnished wages when we work so hard to put money into our accounts every day.
1. Provide proof of a financial hardship. If you find yourself unable to pay any outstanding debts. Working with a tax attorney and presenting a solid case of hardship to prove that you are unable to pay your outstanding tax debts could be one of the best ways for you to prove that you do not have the funds.
2. Agree to make a plan with the IRS over how else to pay the money back to the IRS. In order to get your tax lien released, you are going to need to make some negotiations in order to pay your creditors back. Unfortunately, this is not something that can be just swept under the rug.
3. You can submit something called an Offer in Compromise. This is when you make a deal to settle your tax debt for much less than you owe. Many times this comes along with proving a hardship or an unfair tax dispute on outstanding balances.
Considering that in 2017, 119,853,012 tax refunds were made, your tax attorney has seen many cases and they do in fact know how to deal with all situations of all shapes and sizes. Since the IRS will process ore than 155 million taxpayer returns this year, straighten your situations out and doing what is best for you with the aid of the best tax attorney in Chicago could save you in the long run and protect your profits and investments from being taken over by the IRS due to non payment.
Get you self out of debt and protect your bank account by having a tax attorney to look over all of your problems and issue you guidance in taking care of your unpaid taxes.