The Consequences of Not Paying Your Taxes
Updated: Nov 3
If you have not been filing your taxes for a long time, then it is likely that the IRS has taken notice. They're like a well-oiled machine. And when there's in issue with any of the components, bad things happen. They will know about your situation and might be sending out letters to get in touch with you about the issue. If they don't hear from you, then there are consequences!
They Take Your Money
The IRS holds many methods in which they can take the money you owe them directly from you. This may come in the form of a wage garnishment. In this method, the IRS will collect your wages from your employer in order to fulfill your balance. A more extreme method would be seizing your property. This process is called a tax levy, and anything that you own may be up for the taking. Your house and your car is susceptible to being levied in order to pay off your tax debt.
They Will Withhold Your Refund
Yes; the IRS will hold grudges against you. If you do not give the IRS what you owe, they won't give you what they owe. Your tax refund will be withhold throughout the entire duration that your balance is still unpaid for. In other words, you're going have to spend money to make money.
This is quite the opposite of passive income. This is passive expenses. When you go to bed every night while still have missing payments towards the IRS, your interest goes up and compounds quickly. So don't be surprised when your $5,000 bill is suddenly $10,000 after you take another look at it a few years later.
Of course when there's a problem, there has to be a solution. The IRS understands that many people simply cannot afford to pay the high tax bills that they impose. There's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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