Epic Real Estate Investing - How to Remove an IRS Levy or Garnishment | 503

Episode Date: October 23, 2018

Learn what Uncle Sam doesn't want you to know and remove an IRS levy! Find out why you should write that big check to Uncle Sam right now, how to remove an IRS levy and get the money back, and why you should have a tax advocate when ceasing a levy.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey, welcome to another episode of Tax Hacker Tuesday. And just a quick note before we get on with the show, a quick note about paying less to Uncle Sam this year. Waiting until April 14th, that's not the time to do it. There's nothing you can do. There's nothing your CPA or tax preparer can do at that point. And December 31st, that's not the time to do it either. It's too late. Besides, your CPA will probably be ringing in the new year and not picking up the phone on December 31st.

So if the thought of writing that big check to the IRS is as nauseating to you as I remember it being for me, then the time to deal with it and minimize the amount that you have to pay, that time is right now. I mean, we're in the fourth quarter. Tax planning needs to happen right now. I mean, consider this. If I offered to give you $2,000, I've got $2,000 in my hand, and I offered to give it to you for $1,000. $1,000, I give me $1,000, I give you $2,000 back.

Would you make that trade? Of course you would. You'd double your money with that simple exchange, right? That's what we call a no-brainer. Well, that's the very offer that Tim Berry has been extending to you all year long with the tax hacker blueprint. Normally $3,000 a year for this level of planning and consulting that he's offering. And the introductory offer is half off, just $1,500.

dollars. And if Tim and his team can't save you at least double that, then it's free. You pay nothing. So go to taxhacker.com, grab Tim's free book on how to navigate the loopholes and Trump's new tax plan. You're going to need that. And after, you'll have an opportunity to schedule some time with Tim and his team and just let them know that you heard this on the epic real estate investing podcast. And tell him, you want your tax hacker blueprint. Go to taxhacker.com and everything you need is right there. All righty. Now on with the show. This is Terrio Media. Did you know that up to 50% of your lifetime income will be wiped out by taxes?

What if you could stop this madness? Isn't it about time you play on a level playing field with the wealthiest 1%? Now you can. Tim Berry, attorney at law, shares here each and every week current tactics and strategies that anyone can implement to hack the tax code. Protect your assets and keep what's rightfully yours. It's time. for Tax Hacker Tuesday.

Tim. Bernie. You have people that know they owe taxes and there's two entities that they do not want to hear from. It isn't the IRS. No. It's their bank. The bank says,

by the way, Mr. Taxpayer, you just got your account levied on, which means the attacking authority's going to take it. The other thing is the secretary says, the boss wants to see her. And the taxpayer walks in and says, what's up? And he says, what's up is, we just got a levy on your wages.

Now, if you know your old taxes, and you sit there and do nothing, this is what happens. But there is a preventive measure that most of you do not know exists. Do you know what that is? I don't, Bernie, because you're hard for trying and educated. And for us lowly people, you're using this fancy word levy.

Is that something that holds back water? A levy takes things away from you. It doesn't hold back anything. It precludes you from using your money. So levy is the IRS fancy word for garnishment. We're going to start garnishing your wages. We're going to take away your bank account and everything. So the question is, how can we stop a garnishment of the IRS if they're going to start going after your wages?

Is there a way to stop a levy, them taking away your bank account? Before it happens. Before it happens. And the answer is absolutely, there's a whole, can I use your word? Whatever you word that is. We're on camera. Oh yeah, we've got to be careful on that.

FCC rules and everything. No, there's a plethora of options available to people. And many of these options is as simple as a phone call. You can pick up your phone. You could call up your friends at the IRS, and you can say IRS, under this particular code section, I want you to not engage in a garnishment or a levy upon my salary. I want you to cease the levy activity on my bank account.

And if you do things right, the cool thing is not only do they have to cease the levy, not only do they have to cease the garnishment, release it, but they do what, sir? They give you the money back. They give you the money back. Actually, the money that they took away from you is given back to you. So don't despair. Well, it's easy for me to say don't despair if you get a levy notice by the IRS. But if you do get the levy notice, in particular the one that has the registered receipt envelope on it and it has the 1058 at the bottom of it, you want to give us a call immediately.

Because if you call us immediately, we can probably get that removed and or stalled for quite a long time. But if you wait and you wait, it's going to be very difficult to get it. get that removed. And you know what the interesting thing is, the IRS is totally aware of their own statute that says if we get a call from, especially from the tax advocate, which is, we're representing the people, that they will not issue this garnishment or levy, but they're not going to tell you that because they don't want you to know. We know it. That's why you need to call us. And that's the bottom line. If you have tax issues, by all means, give us a call. If a loved one has tax issues, by all means, have them give a call. We can help them. Do not do nothing. Be proactive.

If you know you owe taxes, there are statutes, there's laws that the IRS abides by that will prevent them from issuing grabbing money. But you need to know what it is. They know what it is, but they're not going to tell you. So give us a call. See you next time. That's it for today. As we dream of a tax system that works just for you. but until then you have Tim Barry. See you next Tuesday for another episode of Tax Hacker Tuesday. Hey, Rockstar, if you have a question here for Tim that you'd like him to answer on the show, anything tax related, anything asset protection related, go to taxhacker.com forward slash

questions. Post your question there and then we'll answer it live right here on Tax Hacker Tuesday. This podcast is a part of the C-suite radio network. For more top business podcasts, visit c-sweetradio.com.