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Knowing one’s options when facing a tax levy

On Behalf of | Feb 23, 2022 | Tax Debt

There may be few things as stressful in life as dealing with overwhelming financial challenges. While monetary strain could stem from a variety of issues, one prevalent concern for many families in Georgia could involve dealing with back taxes. Tax debts could prompt a variety of hardships in life and knowing how a tax levy might affect one’s life and how to approach similar issues could prove integral to making informed choices about one’s future.

Tax levies

Studies indicate that tax levies could carry various repercussions that might have a lingering impact on one’s life. In some cases, a levy might lead to concerns such as wage garnishment and losing a portion of one’s wages can be a harrowing process. Experts suggest that tax levies could also lead to issues with bank account freezes or even the seizure of property such as a car or home.

While one of the easiest ways to seek relief from tax levies might involve paying off tax bills, this might not always be preferable, or even possible. Those facing similar concerns may also have the option to apply for certain IRS payment plans or seek relief through outlets such as Offer in Compromise or even bankruptcy. Experts also suggest that it might be possible to appeal a levy.

Evaluating the options

With a great deal at stake, choosing the best path with which to approach tax levy concerns can be stressful and intimidating at times. Fortunately, one does not have to face this alone, as there are attorneys who can evaluate the situation a person in Georgia is facing and provide insight on all his or her available options. An attorney can provide a client with guidance in addressing each available path and help create a plan with which seek relief from tax debts and protect his or her financial future.