|
|
| *Loan,banking and credit>>>income tax |
What happens when you owe 20 000 in income taxes, what will the goverment make you do? |
What happens when you owe 20 000 in income taxes, what will the goverment make you do? Funny thing is, the IRS isn't that bad to deal with.If you can pay. They will set you up on a payment plan. If you don't make arrangements with them, eventually they will attached your bank accounts, take funds like stocks, make you sell assets(including your house). You can make an offer in compromise with them. You take all your assets and your tax liability and make them an offer to settle the matter. Lastly, if you make an offer and they except, if you don't keep current on your taxes, the offer is dead and all the previous taxes come back in force. Don't use a "we will help you with the IRS company" . You will end up paying the same amount and then owe then a chunk. Source(s): Been through it all with the IRS. Owed over $250k to them First they will tell you to pay it off, (you can do it in installments ) adding interest to it . If you do not try to pay it off then they may put you in jail for tax evasion. send your employer a Writ of Garnishment.......Now everybody knows your financial dirty laundry.....they file a lien/garnishment against your bank accounts.......oh, your house too.....generally, everything they can to make you want to put that debt first..... The IRS will first levy interest and penalties. If that doesn't work, they can attach (take) your future income tax rebates, garnish your wages, repossess your personal property (house, car etc) or, as a last resort, either file criminal charges (ala Wesley Snipes) or civil suit. The good news is that it's more expensive to do these things than settle the case. Find a good tax attorney and see if the IRS will work with you. |
| Tags |
| tax software tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |