People joke a lot about how Uncle Sam always has his hand out to get what he is owed, but if you've ever found yourself in debt to the IRS, you probably see Uncle Sam as a more menacing character. The fact is, owing taxes to the IRS can bring about financial woes that affect everything about how you live your adult life.

The best thing to do is to avoid falling into this situation by making tax payments in a responsible way. However, if something has happened and Uncle Sam is chasing you down for his money, you shouldn't be surprised if you get a notice of a tax levy being instated. Here are a few things that can happen when the IRS intates a tax levy. 

You could lose access to your bank accounts. 

Money tucked away in a checking or saving account may be yours, but because banks are mostly federally affiliated organizations, the IRS does have the right to seize control of your account if you owe them money. Of course, this is a drastic measure and will only be taken if you are refusing to pay. But, if the IRS does seize your accounts, you can lose access to all of your funding or part of your funding in minutes. 

You could lose your vehicles. 

Your vehicle is a tangible physical property that has a market value. If they are owned outright, these vehicles have a certain amount of value that can be recouped and repaid to the IRS. Therefore, your vehicle could be levied because of owed taxes, which means the vehicle could be seized, sold, and the proceeds used to pay your bills. The thought that your vehicle could be seized and sold is definitely scary, but working with a tax service professional to set up payment plans with the IRS can help avoid this situation. 

Your wages could be garnished. 

Wage garnishment has long been one of the most common ways for creditors to recoup their losses if someone defaults on monies loaned or owed. However, the IRS can go through the same processes to garnish your wages, and the scary thing is, the IRS may have more access to your wages than usual creditors. So they may be able to take more of your money than the usual creditor or get the process of wage garnishment started much faster than usual.