Owe Back Taxes? 3 Reasons To Get IRS Debt Help
If you owe money to the IRS, now's the time to talk to a debt relief service. Tax debt isn't something that will go away on its own. In fact, tax debt can affect every aspect of your life. If you don't pay off your tax debt, the IRS can seize your assets. Tax debt can also ruin your credit. If you owe back taxes to the IRS, read the list below. Here are three reasons you shouldn't postpone payments to the IRS.
You'll Keep Getting IRS Debt Notices
If you have an outstanding tax debt, it's time to think about your privacy. You might not realize it, but the IRS will go to great lengths to get you to pay. That includes sending debt notices to you. If the IRS doesn't get a response to the written notices, agents will start calling your home. From there, they'll start calling your employers. If that still doesn't get your attention, the IRS will publish tax lien notifications. That means, your tax debt will become public information. You can avoid the loss of privacy by working with a tax debt service. Once you start making payments on your tax debt, you'll stop getting the notices.
Your Tax Debt Will Go to Collections
If you haven't cleared up your tax debt yet, you need to worry about collection accounts. The IRS has an automated collection system. If you ignore the debt notices long enough, your account will get placed in the automated collection system. If that happens, payments can get taken right from your bank accounts. Plus, your pay can get garnished. Garnishment means that tax payments will get deducted from your paychecks. That will continue until your tax debt gets paid in full. Luckily, you can avoid the automated collection system. You can make payment arrangements with the IRS. When you make timely payments to the IRS, you can avoid collection efforts.
You Won't Get Your Tax Refunds
If you're expecting a refund from the IRS next year, now's the time to look at your tax debt. One of the problems with tax debt is that it can affect your future refunds. In fact, the IRS can use your refunds to pay off your past tax debt. One way to keep your refund is to pay off your tax debt. If you want to get started on a payment plan, talk to a tax debt service. An IRS debt service can help you set up a payment plan for your back taxes.