Thursday, October 15, 2015

Tax Problems as a Work at Home Professional

Working from home sounds like the ideal job for many people. Unfortunately, there are many financial risks that come with the territory. For example, not setting aside money to pay taxes at the end of the year could put you in jeopardy. Without the assistance of tax experts, you could be compounding the problem year after year without realizing just how much the IRS is adding for interest.

Liens May Be Coming

As a freelancer, you might not have to worry about direct garnishments. After all, there is nothing to garnish if it's not a steady paycheck from a company. However, this won't stop the IRS from placing liens and levies against your property. This makes it impossible to sell and may even contribute to losing the asset all together. Essentially, liens are legal claim to your property in order to satisfy a debt. Before you can sell or refinance your home, all of these must be paid in full.

The IRS isn't the only organization you might need to fear. In fact, the state can also place liens on your property for failure to pay taxes. Some states will go so far as to attach liens to all property you own regardless of its physical location in any state. If these are still unpaid, you could easily lose them all.

It's easy to get behind in taxes as a freelance professional. Luckily, you can find tax experts that can help you avoid losing your home by working with the IRS and other government organizations. You work hard for your house, don't allow your tax debt to take it away from you.

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