| On Your side: Few people can sustain themselves | | | | use to collect the taxes you owe |
| with only one job. The price of everything is too high. | | | | Wage Garnishment: The IRS has the right to seize the |
| More and more, people are taking on side jobs. It could | | | | money you owe right from your paycheck. They won't |
| be mowing lawns, doing handy work, or tutoring part | | | | leave you with a balance of zero, but they can take |
| time. But if you're making profit, the IRS needs to know | | | | up to 75% of your earnings. The worst part about an |
| about it. And if you don't report your income | | | | IRS Wage Garnishment is that it is continuous. The IRS |
| accurately, the IRS will find out. Avoid IRS Debt. Learn | | | | can Garnish your Wages until you pay your debt in full. |
| what to do if you're working for yourself. | | | | Bank Levy: The IRS will take all the money out of your |
| Report Income: You must report all income you make | | | | bank account to pay your bill. That means all the |
| from your side job. You can do this on Form 1099. You | | | | money you saved up working at your second job can |
| might think the IRS won't find you if you put your extra | | | | be gone in an instant. The procedure goes like this: The |
| income in the bank and don't report it. But the IRS can | | | | IRS sends you a notice saying they intend to levy your |
| compare how much income you reported versus the | | | | bank account. Your account is frozen for 21 days. If |
| amount of bank deposits you made. So be careful. | | | | you don't act in that window of time, you funds are |
| Penalties You'll Face: Here are weapons the IRS can | | | | gone for good. |