The IRS prefers assets that are liquid – meaning easily convertible to cash. This is primarily bank accounts and wages. And although retirement accounts are cash assets, the IRS tends to avoid that. The IRS shies away from seizing real and personal property – houses, cars, household goods, even business equipment.
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The IRS agreed that you could not pay your taxes back, and that a settlement was in everyone’s best interest.
If you are looking for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about when searching for a new job: Same Occupation. Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation.
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