Can the IRS Seize my Property?
The IRS exercises the levy as the most common form of seizure. This is achieved through wages earned or money in the bank. According to the IRS, the group issued almost 600,000 levies to third parties like employers and banks in 2017. Physical property such as homes, cars, and equipment are the least likely to be seized. The IRS only exercised physical property seizures a little over 300 times in 2017. This reasoning is that the process of physical seizure is reserved for th
Why does it matter if you are an employee or a contractor?
It all boils down to taxes. In this day and age, your status as a worker can actually have severe implications. If you receive a 1099 Misc. income form annually then it means you are an independent contractor. An employee receives a W-2. How do those two differ? One has a large tax bill. Independent contractors have to pay their own income tax and self-employment tax annually due to the fact that they haven’t paid enough or any taxes on their income. People who are full-time
