A Bank Levy and a Wage Garnishment – Are They Not the Same?
The quick forward answer for this question is NO. No, a Bank Levy and a Wage Garnishment are not the same thing. However, they do have similar qualities and they can but hurt you if the IRS throws one of these on you. Now let’s fine some facts and information about the two so that they can be distinguished and told apart.
For the common man, dabbling into the world of taxes can be a most complex matter. The terminology alone can leave one boggled and tongue tied. That is why the good people at Instant Tax Solutions are not only there to help, but they have made the information for people easy to understand.
The team levy comes from the Anglo-French word “Levee” meaning, “act of raising or collecting”. It was a term that has always been used for the purpose of taxes. So when the IRS uses it, it means basically that they are trying to collect your money. And the definition directly from is. “A levy is a legal seizure of your property to satisfy a tax dept.”
Now going back to the slight confusing part, there are two types of levies that the IRS uses. The first one is a Bank Levy.
The Second one is a Wage Garnishment.
(Explain what a levy is and talk about the differences between IRS and Bank Levy)
Both should be avoided as greatly as possible. Neither one is good to have put upon you by the IRS. However, the IRS usually grants levies to people not only because they own a heavy amount of money but also because of poor communication that an individual person has with the IRS. It is never good for individual to face the IRS alone.
For example, if you were to talk to the IRS on your own without the knowledge of what to say, what to ask, and how to deal with the whole situation. You might be getting yourself into more trouble than you need. That is why it is always recommended to have a professorial on your side. Have a representative work and fight for you. Not only will it help you save money in the long run, it also helps you look more organized and professorial in front of the IRS.