Scared of Owing the IRS Money?
Paying IRS debt should not be something anyone has to do. Yet it does occur, and when it does, you need to be prepared to deal with it. Failure to pay penalties are one of the biggest factors a financially distressed taxpayer faces on a tax bill.
There are a few things that can result from having to pay into the IRS. The most popular is wage garnishment. This occurs when an employer is required to withhold the earnings of an individual for the payment of a debt in accordance with a court order or other legal or equitable procedure. This includes IRS or state tax collection.
If you are wondering how do you stop wage garnishment, the answer is to get help with back taxes immediately. Garnishment will not vanish over night, it takes some outside help to ensure they will no longer withhold your money. Companies exist to help with this sort of thing, and immediate action with a trustworthy company is the best course of action.
Federal back taxes have been around for a long time, almost as long as taxes themselves. 1862 was when Congress enacted the first income tax law, to support the Civil War effort. In that time, a person earning from 600 to 10,000 dollars per year paid tax at the rate of three percent.
It has gone up now, which is to explain why people owe more in back taxes, and the reason why IRS back taxes help also exists. Finding help is easy, and action should be taken quickly. Paying IRS debt happens to many people, and should be handled accordingly but above all with haste.