What Can the IRS Take From Me If I Owe Taxes?

What Can the IRS Take From Me If I Owe Taxes?

Dealing with unpaid taxes is stressful. This article is meant to provide the facts associated with your situation so that you can make informed decisions. Although there are consequences to consider, it’s not our intention to scare you, just help you learn what you need to know. So, take a deep breath, and use this information to formulate your plans. And remember, we can help.

Ignoring the Consequences

Aside from paying penalties and interest on what you owe, the IRS can impact your life in other ways, such as:

  • Canceling your passport
  • Placing a lien on your home
  • Garnishing your wages

Knowing what you’re risking can help you make the best decision for your situation.

How Can the IRS Seize Your Home or Business?

The Internal Revenue Code gives the IRS the power to seize your home or business for unpaid tax debt. The 1998 Tax Act extended the power of the District Director to include seizing homes and businesses via the U.S. District Court system. There are certain exceptions, however. If you owe and do not pay overdue taxes in a timely manner, you may become the subject of an enforced collection. This is what allows the government to issue levies, including the seizure and sale of your home or business. In fact, there’s little limitation on what they can seize. Exempt assets include small items of limited value.

Find Out if You’re Eligible for Tax Relief

You may qualify for the various tax relief programs that the IRS offers. This would include an Offer in Compromise (for settling your debt for less than you owe) or a Hardship Status (where you won’t have to make any payments for now). Also, working out a payment plan can give you up to six years to settle your debt. Our free online evaluation will determine all the options you qualify for. We will show you your eligibility and your settlement offer amount (if you qualify).

Tax Relief Programs

At Wiztax, we’ve written extensively on what tax relief options may be available to you. You can read more on our blog. The key is to Get Started and not delay. At Wiztax, we’ll guide you through the entire process and help you solve your tax issues once and for all. Have a question? Call us anytime at 866-568-4593 or schedule a call.

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