Tax Levy Notice? What it means and how to stop it!

What to Do About Your Tax Levy

irs tax levy helpMany people that receive a notice of tax levy do not fully understand what to expect. Often people confuse a tax levy with a tax lien. A tax lien merely secures your debt by using your property as collateral, and hurts you in the long run. A tax levy can cause significant damage to your day to day finances. An IRS tax levy is a very serious and scary situation. Understand all the facts clearly to avoid a tax levy from happening to you.

The Two Types of Tax Levy Situations

There are two kinds of levies you may wind up facing. The first is called a wage levy and the other is called a bank levy. One affects your income and the other affects accounts at financial institutions. Both tax levy situations are incredibly difficult and should be avoided at all costs.

Wage Levy Facts

  • This tax levy affects paychecks, social security, and pension checks.
  • Wage levies take your entire 1099 check. This tax levy can ruin your contracts.
  • Levies on W2 checks leave a certain amount of money based on stringent guidelines.
  • Every check you receive will be levied until you pay the IRS tax debt in full.
  • To discharge a wage levy, you must enter a payment plan and request it be released.

Bank Levy Facts

  • A bank levy doesn't just happen to your personal checking or savings account.
  • Any accessible accounts you're attached to can be levied, including your 401K and IRA.
  • This tax levy can happen on a monthly basis and to multiple accounts simultaneously.
  • You have 21 days to release a bank levy before that money is lost forever.
  • To discharge a bank levy, you must follow the same steps as releasing a wage levy.

Whether it is a wage levy or a bank levy concerning you, it is best to get help from a tax debt professional. A tax levy is a pressure tactic used by the IRS to manipulate you into making unaffordable payments toward your tax debt. You don't want to trade one bad state for another. Going to the IRS alone, with the little bit of tax knowledge most people have, ensures that you will not wind up in optimal circumstances. A tax professional has the knowledge and experience to put you in the best possible situation.

If you are worried a tax levy may disrupt your life, consult a professional. Call now or fill out the form below for a free tax debt consultation on how to prevent or end any tax levy! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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