Have you recently received a notice from the state about your tax debt? Maybe you are aware of the threat of a possible state tax levy?
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Let's examine what a state tax levy is, why you may be issued one and what you can do to take care of it.
What is a state tax levy?
A tax levy is the state's way of forcibly seizing your assets. This levy may arrive in the form of a garnishment of your wages, seizure of your bank account funds, or collection against another one of your assets.
Typically, the state will notify you of your debt and begin a series of notices with increasingly threatening language. State Taxing Authorities must follow this process prior to issuing a tax levy against you.
Thankfully, it's not the first thing the state does when determining that you have a tax debt, so you have some additional time to resolve your issues before a tax levy can occur.
Whether the tax levy has been issued yet or not, you have made the right first step by seeking information.
Why did this happen?
The state Taxing Authorities issue a tax levy when an individual owes back taxes. These things happen, but before you start feeling uneasy about what this means for you and your household, remember that there are solutions to this problem.
What can you do?
There are specific strategies to deal with a state tax levy.
While it's important to understand the process by which your state sets up your account for a tax levy, it's of even greater importance to resolve the overall tax debt issue. If you become compliant and are proactive about your tax debt, there are ways to avoid the headache of a tax levy altogether.
The bottom line is whether you are facing the possibility of a state tax levy or trying to release one that is already in place, you need to have a firm strategy in place. It's not too late to develop your strategy, but you're probably going to want more information. If you would like to learn more about getting a tax levy released, you can download our free guide.
Tax levies are a very stressful thing, and you don't want to sort them out on your own. Use 20/20 as your resource guide through this difficult process. Talk to a licensed tax professional at any step along the way.
We are here to help you get right with the Taxing Authorities and back to running your life.
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