The IRS has the duty to make sure you pay every cent that you owe in taxes. When you have an outstanding tax debt, the IRS will utilize a variety of collection methods to settle the amount.
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When you owe multiple creditors, you may find it difficult to keep up on payments and get your accounts paid off in full. Despite your best efforts to pay, your creditors may choose to garnish your wages.
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Close to a million taxpayers owe the IRS money at any given time. While the IRS makes sincere attempts at collecting each penny owed to the government, in reality it does not have the resources to pursue each individual debtor.
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People who own bars, restaurants, and other businesses that employ tipped staff must make sure that they pay enough money into Social Security and Medicare. The amount that they pay is based off the amount of money in tips that their employees earn.
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The lore of the IRS audit has taken on a life of its own. The fallacies surrounding the auditing process have fostered countless fears in people who simply want to file their taxes and stay off the IRS' radar for another year.
People who owe the IRS money sometimes fail to appreciate the lengths that this organization will take to recover a debt. Along with sending letters to debtors and attaching liens to bank accounts, the IRS will also seize a wide variety of assets.
Despite having relative leeway when it comes to seizing your property, the IRS cannot touch all of your assets, however. When recouping what you owe to the government, this organization cannot legally take these valuables from you.
Many taxpayers would never entertain the idea of going up against the IRS alone. They know that in most cases they would never win such an uphill battle to resolve their tax debt.
Read More >Owing the IRS money invites an onslaught of legal headaches for which you may be ill prepared. If you have never before found yourself in such a financial dilemma, you may at first feel helpless to advocate for and help yourself.
Having an IRS tax lien on your credit record can be devastating. Because it can stay on your record up to seven years after you pay off or settle the amount, you may have a difficult time getting financed for loans, credit cards, and other financing.
Millions of people look forward to tax refund season each year. This once a year financial windfall helps people get caught up on bills and buy consumer goods that they have been wanting for months.
When your money is delayed, however, you want to know what went wrong with its processing. Rather than wait for the IRS to contact you, you can take these proactive steps to track down your refund.
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