If you owe a lot of money in tax debt, you may be tempted to let it sit with the IRS for years on end. Some people don’t have enough money to pay their back taxes, but others simply refuse to do this. If you are one of the refusals, you may want to learn about the consequences of not paying back taxes. Doing this could get you in a lot of trouble over time. Here’s a look at what your life may be like if you don’t pay your taxes:
- Arrest: You can get arrested for not paying your taxes, especially if you are caught committing fraud along the way. This usually only happens after the government spends a few years trying to get a hold of your money.
- Garnishment: The IRS can garnish your bank accounts or paychecks, leaving you with no option but to pay your taxes back.
- Interest: As time progresses, your tax debt may get even larger than it is now because of interest. The only way to avoid that is to pay some of the money back.
- Stress: Whether you realize it or not, you are liable to get stressed by tax debt. If you pay your taxes off, you won’t have to worry about the consequences coming your way.
Don’t let the burden of tax debt consume your life. Talk to a professional at bctax.com and see what your tax resolution options are. Then you can start to live a normal life, free of back taxes.
