IRS wage garnishments are a really tough lesson to go through alone.
With every passing tax season, there are always a myriad of lessons to be learned. One of the reasons that there are so many lessons to learn is because of the ever-changing tax code and regulations. With many changes come many opportunities to learn those changes. This is the most positive spin one could put on the complexity that is the changing tax code, but nevertheless, these lessons will serve you well in regard to the next tax season.
As much as we’d like to blame the IRS tax code changers, a lot of people run into the same problems every year and for the most part, it has little to do with the codes; most of it has to do with planning. A few ways of making sure you’re organized when tax time comes back around is to go low tech. Something as simple as getting your hardcopy records in order is to purchase an accordion folder and label a few pockets with different tax categories.
The worst enemy of having a successful tax time experience is waiting until the last minute. There are so many things that can change throughout the year that could end up costing you at tax time. If possible, contact your tax preparer in June or July, when you can review the first half of the year and make an educated projection for the second half. This will help you have a better outlook on what’s coming up.
Some people end up being surprised with the amount they end up owing. A great way to get ahead of that potential problem is to take a look at the IRS Withholding Calculator online. If you are in the position of having a salaried job, this will help you make sure you’re putting the correct amount aside and help you avoid the January shock.
If you are one of those that may have ended up on the owing side of taxes, knowing the right steps to take is important. Avoidance is not the answer. Doing so can lead to a bunch of huge problems including an IRS tax lien search and IRS wage garnishment. In the case that IRS tax liens are a part of your life, it’s important to reach out to professional tax lawyers like Tax Tiger to help you manage the process. The professionals at Tax Tiger know all of the answers to the questions that the IRS is going to throw out at you.
Source: Lessons learned from tax season – Consumer Reports.org
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