If you owe back taxes to the IRS, you might not think that it’s a big deal. You might think that you can ignore the situation completely, but this isn’t a smart idea at all. At one point, you will have to hire an attorney that is specialized for such cases and has an effective tax law practice management. Instead, you should know how important it is not to play around when you owe back taxes. These are a few reasons why.
Your Wages Could Be Garnished
One of the first things that the IRS can do is garnish your wages. This means that when you receive your paycheck and expect to receive a certain amount of money, your check will be far less. This can make it impossible for you to pay your bills and take care of yourself and your family.
You Could Lose Your Assets
If you don’t pay your taxes and continue to ignore the problem, you could lose the things that are most important to you. For example, you could lose your car, or even your house. There are ways that lawyers can help protect you from such things, but you can’t ignore the situation. Click for legal advice about your tax options.
Your Future Could Be Affected
Your future could be affected in a few ways if you don’t take care of your back taxes. You might not be able to get help with financial aid for school, for example. Owing back taxes can also affect your credit, which can make it difficult for you to take out loans, get credit cards, purchase a car or purchase a home.
You’ll Pay a Lot More Than You Have To
Paying taxes is expensive enough already. If they weren’t, then you probably already would have paid them, and you probably wouldn’t be in this mess in the first place. However, you should know that failing to pay your back taxes can make for a much more expensive problem in the long run.
First of all, you should know that the IRS always tacks on a lot of penalties and late charges for anyone who doesn’t pay their taxes on time. Don’t think that these are one-time fees that won’t go up, either. The amount that you owe will only increase more and more as the weeks, months and years go by.
Fortunately, a good lawyer can help you. First of all, a lawyer can go over your tax returns to make sure that they don’t need to be amended. Then, if they do need to be amended, then your tax lawyer can help file your deductions, credits and other things that can help you save money.
As you can see, owing back taxes isn’t something that you can play around with. Although it might be tempting to try to get away without paying your taxes for as long as possible, this really isn’t a good idea. As so many others who have dealt with these issues in the past can tell you, not paying your taxes can really catch up to you in the long run.
Luckily, you don’t have to try to come up with thousands of dollars that you don’t have to prevent these problems. A good tax lawyer can help you with your situation, even if you don’t have a lot of money to spend. Although it can take a little while to get these problems straightened out, starting now is your best option. Luckily, there are plenty of excellent lawyers out there who are experienced in things related to tax law, so it should not be difficult to find someone who can help you.