If you are facing Tax levy, you need the professionals on your side. My tax settlement has been helping clients with their tax issues for more than 10 years. We can help you overcome tax obstacles and get your financial situation on track.
What is IRS Tax Levy?
The IRS has the legal right to impose fines on the people who don’t pay tax on time. Some of these penalties are tax levies. For instance, if a person reported income fraudulently may face a penalty of jail time. Another case is a taxpayer who hasn’t filed their return on time. The IRS will likely assess a monetary fine or lien on their property. IRS Tax levy refers to these kinds of penalties.
Why should you choose My Tax Settlement to help with IRS Levy?
Experts at My Tax Settlement have been assisting taxpayers with tax levies for years. Our experienced and qualified staff acts fast in the event of a hardship caused by levy. We are also committed to the financial well-being of our clients. Besides that, we will take care of the Income tax liens and levy if needed. In case you received a final notice of intent to levy or discovered a levy on your property, bank account, or wages, give us a call immediately. We are available for anything so you can contact us by filling the form below or call us today at 619-318-8564.
Difference between an IRS Tax Levy and a Tax Lien
Tax liens and tax levies are often confused with one another but they involve 2 very distinct actions:
Tax Lien
A tax lien is when the IRS makes a legal claim against your property in the event that you fail to pay your taxes. It includes everything from your financial assets to the personal properties. The lien will not take effect until the property is sold. You can get rid of the lien by paying your tax in full but if you can’t do so, it will be removed within a month. We will help you with determining the best option to have it removed in the timeliest manner possible by keeping your financial condition in mind.
Tax levy
Unlike tax liens, tax levy involves the IRS actual seizure of assets and property to fulfill your owed taxes. They can do that legally but you will be notified first. In the case of lien, the IRS makes a claim against your assets but you typically won’t be affected until you physically sell a property. On the other hand, in IRS tax levy, your property will be taken from you. Make sure to respond to the IRS within the 30 days because if you don’t, the IRS will seize your property.
Common types of IRS Levy Services we are offering
Wage Garnishment Levy
A wage levy is the most common type of levy and it allows the IRS to garnish wages directly from your employer. It is generally organized by the HR department of the company and the IRS can order your employer to subtract the amount of money from your paycheck until you clear your whole amount. The amount the IRS can take is limited to 25% of your disposable earnings or by the weekly wages that exceed 30 times the min wage.
Property Seizure Levy
The IRS has the authority to seize or sell your assets to fulfill your tax obligation if you pay it on time. It includes real estate, cars, jewelry, or anything etc. It is not as common as wage garnishment but it still does happen.
Tax refund Levy
The IRS is capable of withholding your money owed that would otherwise come in the form of a tax refund. It can even take your state and other municipal refunds.
The 1099 Levy
The IRS can also levy forms like 1099s which are generally used by freelancers and independent contractors. They can seize any amount of money you own with a 1099 levy. But, they can attempt to seize any income for anticipated future work that hasn’t been performed.
Bank Levy
A bank levy includes the IRS contacting your bank to freeze your funds. After 21 days, they will deduct the funds from your account. If the first levy doesn’t involve your tax issue, then they will continue the levy as your funds replenish until you will pay the full amount.
Settlement IRS Tax Levy Services
Professional tax is levied by the state government, so it usually differs from one state to another. Each state has its own slab that it declared and it is deducted based on the these slabs. Get IRS tax levy services in San Diego, California.
Call at 619-318-8564 or Contact Us Online Today!
GET A CALL BACK
What is the IRS Tax Obligation Forgiveness Program?
Benjamin Franklin once wrote, “Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.” And sometimes death is preferable – ok, we added that part. In this article, we answer the question “What is an IRS Tax Obligation Forgiveness Program?” – Does such a program exist? And what do you do to benefit from it? In some cases, there is no way out of either one – death or taxes. But, if you find yourself on the wrong side of the IRS, however, you might be in luck: you qualify for the IRS tax forgiveness program. This program falls under the Deal in Concession part of the United States Tax Code…
Does the IRS Really Settle for Less?
You have actually most likely seen the commercials on television: A pitchman claims that you can resolve your tax expense for “pennies on the dollar.” All you need to do is work with the law firm in the business and also they will certainly use their special negotiating skills as well as inside knowledge to get you off the hook with the Internal Revenue Service (IRS). Is this true? Does the IRS Really Settle for Less? In the real world, however, it’s not so very easy to get the IRS to work out a tax financial obligation for pennies on the dollar. It does take place…
How to Stop an IRS Wage Garnishment or Levy
When you have tax debt, it’s possible that the IRS can garnish part of your income in what is referred to as a “continuous levy.” If you fail to reply to their request for repayment, the IRS will notify your employer, and a large portion of your income will automatically be charged toward your tax debt balance. They can take a quarter or more of your monthly income, which can imply hefty financial strain. The good news is, there are several choices for just how to quit IRS wage garnishment. Decide which alternative is best for you so you can stop IRS wage garnishment as well as reduce the worry associated with the financial burden.
3 Proven Ways to Stop California State Tax Levy on Bank Account
Like other states, levies are issued after the submission of final notice to taxpayers in California. Keep reading to learn about how to stop California State Tax levy. Such notices are usually sent for alerting taxpayers about the balance resolving issues. The matter can be resolved if and only if either you or your attorney call for resolving the balance. You know what levy results are on any bank account from which you ever received 1099. California Franchise Tax Board lien is often filled up when not filed. The higher authority California FTB can collect tax through the bank levy according to the California Revenue and Taxation Code Sections 18670 and 18817.
Tax Resolution Process: Our Process to Tax Debt Relief
What does the tax resolution process look like? What’s involved in tax debt relief? And, how long does it take? In terms of how long it takes, our answer to this is: it depends. And why that is so can be fleshed out by understanding the process and consideration that goes into the tax debt relief process. In this post, we lay out the process involved in tax resolution into 3 main phases: determination, emendation, and resolution. Step 1: Determination – The determination phase of the process is our first contact with clients, and it involves a lot of research on our part.
Corporate vs. Small Business Tax Resolution
You have actually most likely seen the commercials on television: A pitchman claims that you can resolve your tax expense for “pennies on the dollar.” All you need to do is work with the law firm in the business and also they will certainly use their special negotiating skills as well as inside knowledge to get you off the hook with the Internal Revenue Service (IRS). Is this true? Does the IRS Really Settle for Less? In the real world, however, it’s not so easy to get the IRS to work out a tax financial obligation for pennies on the dollar…