Don't Want to Pay? Beware the Tax Levy

You may wonder what happens if you decide not to do your taxes this year.

You'd skip the headaches of filing and the expense of tax payments, but you might run into trouble. When you owe money, the IRS has a variety of ways to get it. What happens if you don't pay up? They can just take what you owe with a tax levy.

Tax levies allow the IRS to take physical assets (like cars) and financial assets (like money, using a bank levy). They usually don't take this route until they've exhausted other options, but it can happen.

Further reading:

• Tax Levy Basics