Feared Weapon: Payday's here! It's the happiest day of the week. But not if you owe the IRS. The Wage Levy is one of the IRS's most feared weapons. You can kiss your paycheck goodbye! If you're in debt, stay informed and know your enemy's biggest weapon.
Is it legal for the IRS to take money from my paycheck?
Yes, the IRS has the power to garnish your wages. The Internal Revenue Code (IRC) gives them that power. Remember, the IRS is it's own judge and jury. They don't have to go through the court system to seize your wages.
If the IRS puts a Levy on my Wages, how much can they take out?
They can take out up to 75% of your take home pay. The IRS will barely leave you with enough money to live.
What does the IRS consider “Necessary Expenses"?
Necessary Expenses cover the absolute basic costs of living. They include: food, utilities, basic clothing, materials for school, and tools for work.
Luxury costs are not included. Forget cable, name-brand clothes (Hello, Goodwill!), luxury cars, and even private school for your kids. The IRS might even make you move out of your gated community and move to a location where living is less costly so you can give them more money.
Will the IRS leave me enough money to pay my other creditors?
Remember the “Necessary Expenses"? The IRS doesn't consider debts to other creditors to be necessary. You may think it's important to pay off your 2,000 debt on your Capital One card, but the IRS doesn't. If the IRS is levying your wages, you'll just have to watch your credit card debts grow and grow.
I have child support to pay. If I don't pay, I'll go to Jail. Can the IRS still levy my wages?
Yes, the IRS will still levy your wages. The IRS will leave you money to pay your child support. Then they will leave you money to pay your basic living expenses. And that's it. So don't think you can evade the Wage Levy by simply telling the IRS you have to pay child support.
Be Prepared: Poverty is bitter. Now you know that the IRS does not care if you go without. They want their money. You're going to suffer if they go to your paycheck to get it. Don't let the IRS go as low as garnishing your wages. Pay the IRS on time, and avoid Wage Levies.
Now You Have the Smoking Gun. . . Use it!
Richard Close was an IRS-Hitman. He was a revenue officer who took out anyone that owed the IRS money. He left that behind and now helps thousands of Americans beat Uncle Sam and save thousands of dollars. The IRS-Hitman can help you with your tax debt problems. He has partnered with Tax Defense Network to offer free advice and tips on removing wage, bank, and tax levies; and arms you with the skills to slash your tax debt. Visit at: http://www.irs-tax-levy-hq.com Contact: http://www.taxdefensenetwork.com or call 1-888-248-9058