There are benefits to being an independent contractor. You may set your own schedule, you may not have a boss to answer to, and you may truly enjoy your work. However, these benefits come with responsibilities. For example, you are required to pay your own state and federal taxes because there is no employer to withhold those taxes on your behalf.
What Happens if You Don’t Pay Your Taxes
If you fail to pay your taxes, then the IRS cannot garnish your wages because you do not receive a paycheck from an employer. However, that does not mean that you aren’t in trouble. There are other ways that the IRS can get the back taxes that you owe. Specifically, the IRS may:
- Put a lien on your home.
- Take money from your bank accounts.
- Take an interest in your other property.
The IRS may use these means not only to satisfy the back taxes that you owe but also to satisfy the interest and any tax penalties that you may owe the government.
Allow an Oklahoma Tax Lawyer to Help You Settle Your IRS Problem
As an independent contractor, you may wear all of the hats in your business. You may do everything that is required to keep your business running. However, settling your tax dispute is not necessarily something that you should do on your own. Instead, you may benefit from contacting an experienced Oklahoma City tax attorney for help. For more information, please contact us today at 800-721-7054 or via our website. You can also learn more by downloading a FREE copy of our book, The Ultimate Survival Guide for IRS Problems.