Tax debt can have consequences that affect a person’s livelihood. In fact, the Internal Revenue Service could even begin taking money directly from the paychecks of a taxpayer who owes a balance and has not paid. This can be distressing for any Massachusetts resident as wage garnishment can significantly reduce a person’s income.
If individuals are facing this type of situation, they undoubtedly want to know how they can stop the garnishment. Fortunately, several options exist, but finding one that a person qualifies for and can feasibly handle can be a challenging process. Possibly the best option, but not often easy to carry out, is paying off the remaining balance in full as soon as possible. By eliminating the debt entirely, the need for the IRS to garnish wages is also eliminated.
Of course, it is likely that a lack of available funds to pay the debt resulted in the garnishment in the first place. As a result, many taxpayers may need to consider other options, like setting up a repayment plan that allows the taxpayer to pay over time or applying for an offer in compromise that would allow the taxpayer to pay a lower amount than initially owed. However, any option has specific qualifications to meet, and applications for assistance can be rejected by the IRS.
Because stopping wage garnishment can be a difficult process, it is essential that Massachusetts taxpayers have the right information. By understanding their available options and how they can take advantage of those options, individuals may have a greater chance of handling their tax debt effectively. For parties looking for help as they get started, contacting experienced tax attorneys may be wise.