Have you ever received a notice from the IRS or another taxing authority stating that they intend to seize your property or wages to settle your tax debt? It’s a nightmare scenario for anyone. A tax levy can disrupt your finances and leave you scrambling to protect your income and assets. If you’re facing a tax levy, it’s important to understand what it means and how you can safeguard your income.

A tax levy is a legal seizure of your property by the government to satisfy a tax debt. This can include a variety of assets, such as bank accounts, vehicles, and even wages. While this is a legal procedure, it can cause significant financial strain, especially if you’re unable to stop it before the levy takes effect.

In Corpus Christi and across Texas, tax levies can have a severe impact on your income, but there are ways to fight back. The Law Office of Joel Gonzalez provides dedicated legal support, helping individuals in Corpus Christi and beyond find relief from overwhelming tax issues and debt challenges.

In this article, we’ll discuss how tax levies work, their impact on your wages and assets, and the legal steps you can take to protect your financial security.

Understanding Tax Levies

A tax levy is often the final step in a series of actions the IRS or other taxing authorities take when tax debts remain unpaid. Before a levy is issued, the tax authority typically sends several notices about the unpaid taxes, including a demand for payment. If you don’t resolve the issue, they may take the next step and issue a levy.

Tax levies can target the following:

• Bank accounts: The IRS can freeze and seize funds directly from your account.
• Personal property: This may include assets such as vehicles or real estate.
• Business assets: If you own a business, the IRS may levy inventory or equipment.
• Wages: Although wage garnishment isn’t a focus here, it’s important to understand that levies can also affect your wages directly.

How a Tax Levy Affects Your Income

A tax levy can be a devastating blow to your finances, and it directly impacts your ability to earn and keep money. For example, a bank account levy can result in the freezing of your funds, leaving you with limited access to your own money. Similarly, if a levy targets your property or business assets, you may lose the ability to operate effectively, further threatening your income stream.

If you’re facing the possibility of a tax levy, it’s important to take swift action to protect your income. Fortunately, there are steps you can take to seek relief.

Ways to Protect Your Income from a Tax Levy

• Negotiate with the IRS: You may be able to work out an installment agreement or offer in compromise to reduce or restructure your debt. The IRS often prefers to work with taxpayers who are making a good faith effort to resolve their debts.
• File for an Appeal: If you believe the levy is unjustified, you can file a formal appeal with the IRS. This process involves reviewing your tax situation to determine if the levy was the correct action or if you qualify for any exceptions.
• Request a Levy Release: Under certain circumstances, you can request that the IRS release the levy. If you can prove that the levy is causing severe financial hardship or if there is a dispute about the debt, the IRS may agree to release the levy temporarily.
• Bankruptcy Protection: In some cases, filing for bankruptcy can provide relief from tax levies. This legal process can help protect your assets and restructure your debts, potentially putting an end to aggressive collection actions like levies.

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• Seek Professional Assistance: Working with an experienced debt relief attorneyis one of the best ways to understand your options and protect your income from tax levies. They can assist with negotiations, appeals, and exploring the best course of action to resolve your tax debts.

How We Can Help

If you’re facing a tax levy in Corpus Christi or anywhere in Texas, we understand the stress and hardship that come with such a situation. At the Law Office of Joel Gonzalez, we are here to help you find relief from tax levies and explore legal options to protect your income. Our debt relief service in Corpus Christi can guide you through the process, providing you with the support you need to regain control of your financial future.

Don’t let a tax levy take away your income. Contact us at (361) 654-DEBT today to discuss your situation and learn more about how we can help you protect your financial well-being.