Tax Debt? What Happens if You Ignore It

What Happens if You Ignore Your Tax Debt?

I know, we all hate paying taxes. Unfortunately, taxes are one of the things in life that we can’t get out of, no matter how much we may want to. If you have any tax debt, you must find a way to pay it. You can set-up payment plans, or negotiate your debt for tax relief. The one thing you cannot do is ignore it. If you do, you are certain to face some unpleasant consequences. Today, we will take a look at three things that can happen if you choose to ignore your tax debt.

1.) Say Goodbye to Tax Refunds

Looking for tax relief? It’s certainly not going to come to you in the form of a tax refund if you still owe the government money. While you are delinquent with the IRS, any future tax refund you are entitled to will be automatically taken until your debt is paid. This is why it’s important to get a tax resolution as quickly as possible.

2.) The Government Can Garnish Your Wages

This one hurts. No matter the size of your debt, if you ignore it long enough, the IRS will start to garnish your wages. And they aren’t polite about it either. Often, they end up taking a significant portion of your paycheck until the debt is paid or until you find help in dealing with tax debt by a professional. 

3.) You Continue to Stay in Tax Debt

Perhaps worst of all, these debts never go away. Ever hear of a thing called interest? The longer you wait to pay your tax debts, the more you will owe. The government will take delight in charging you penalties and interest and can double your debt amount in as little as four years! You will always be in debt unless you start actively finding a way to get tax relief.

At Ideal Tax Solution, we are experts in dealing with tax debt. It doesn’t matter how much you owe or how messy you think your debt has become. The first step in getting over the debt is by deciding to tackle it head-on. After all, no one wants to see their wages garnished or taxes balloon. As tax relief specialists, we know it can be hard taking that first step, however, we will be here for you until your debt is paid. It’s time to start looking for a tax resolution today.

The content of this post is not intended to replace the advice of a licensed tax professional. Consult a qualified tax professional for questions specific to your individual circumstances.

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