Archive for June 20, 2013
Taxes are inescapable. There are 43 states and many localities in the United States that impose an income tax on individual, and all governments within the United States provide tax exemption for some income, property or persons. Facing the IRS alone can be more than daunting. You find yourself asking questions into a void and your dread grows as each answer fails to come. “Why do I owe money to the IRS?” “What can happen to you when you owe the IRS back taxes?” “What to do if you owe the IRS?” “What if I happens when you owe the IRS money?” The fact of the matter is that you do now want to be in a position where you have money owed to IRS. If you do find yourself with money owed to IRS, then using the powers granted to them in the Internal Revenue Code, the IRS has the ability to levy upon wages, bank accounts, social security payments, accounts receivables, insurance proceeds, real property, and in some terrifying cases, a personal residence However, in order to take a principal residence from a debtor, the IRS must first go through court and seek the permission of a federal magistrate to levy a house in which the indebted taxpayer lives. Trying to protect yourself against these repercussions when you have money owed to IRS can be daunting, especially alone. Getting through all the bueracracy and red tape can be incredibly trying. Their easiest form, the 1040EZ, has thirty three pages of instructions. Just the instructions. That is why you need to seek help when you have money owed to IRS. If you or anyone else you know has money owed to IRS and has dealt with it, please share your stories and experiences in the comments. See this link for more references. More like this blog. Find more on this topic here.