Posted by Jakusovas & Company

Now is the Time to Breathe Easy…and Finally Squash Past Due/Back Taxes

Now is the Time to Breathe Easy…and Finally Squash Past Due/Back Taxes

It happens to the best of us, but your friendly neighborhood tax preparer can help.  The truth is…regardless of how it may feel, you’re not alone.  You’re not alone for two important reasons. First, because you’re among millions of Americans who have also fell behind on their taxes.   Debt can feel lonely, secretive and alienating, though it may help to realize that you’re not really alone, and millions of other Americans share the same haunting, relentless stress of an unresolved debt owed to a very powerful entity.  The second reason you’re not alone is because you don’t have to solve this alone.  Tax professionals witness unique and challenging circumstances on a daily basis, and it’s their job to help you.  Postponing the inevitable due to pride, worry, or simply feeling helpless only worsens and prolongs the burden.  

As you probably realize, the longer the back taxes linger, interest and penalties will accrue, amplifying the amount owed, and that just doesn’t feel good to think about, does it?  The truth is, whether you handle it or not, the tax will be owed and the IRS will take it upon themselves to bill you on their terms, which probably will be less appealing than the terms your tax preparer will help you with.  Additionally, if you neglect to pay that bill, the bill collectors will be unleashed and the nagging feeling you’ve been experiencing will only be compounded.  Because the IRS is so powerful, the impact of past due taxes can include a levy on your paycheck and/or your bank account, not to mention the filing of a federal tax lien that will impact much more than your credit rating.  It’s important to remember that not filing can not only incur substantial penalties, but it also makes you vulnerable to criminal prosecution.  With so much risk at stake for not filing or not paying, it has to make you wonder….is delaying this issue really worth it?

Fear of the unknown is a paralyzing feeling.  Though, sadly, inaction doesn’t make the problem go away.  Your tax preparer can not only help reduce your debt, prevent penalties, stressful collection calls, fear of levied wages/bank accounts and the possibility of criminal prosecution, but he/she can also help you establish an installment agreement that will be a manageable way to take care of this debt, and likely much less painful than you may be imagining.  It’s easy to over-complicate things we don’t want to deal with, and honestly, tax code can feel overwhelming to the majority of us, especially since we don’t deal with it on a daily basis.  Though, the truth is, it’s quite simple to rectify, and your tax preparer can walk you through it, helping you resolve your issue in an easy, systematic way, once and for all. 

Peace of mind is priceless.  Fear of the unknown and lingering, haunting questions, such as “how much will I really owe?”, “when will they take action?”, “what will those actions be for me?”, “how will my family and I be affected?”, whether you’re conscious of these thoughts or not, they are there, and they are holding you back from getting ahead, getting on to the next step of your life, your accomplishments, your purpose.  We live in an amazing country.  Yes, all countries have their problems, but America is still considered a dream to many immigrants or citizens of less privileged countries.  Try thinking of this debt as the price for freedoms other countries simply do not have.  Despite how it may feel, the process and repercussions for past due taxes in America can be lenient compared to other countries. Up until 2011, for example, Chinese citizens who evaded taxes were at risk for the death penalty.  America can be much more forgiving than other nations.  Resolving this debt will be easier than you think, and certainly easier than not paying this debt.

The time has come to finally get this monkey off your back, and get on with your life, and what you can accomplish.  You can always make more money - this is America, for goodness sake!  No more sleepless nights.  No more worry.  Now is the time to involve your friendly neighborhood tax preparer who will be there for you, to help get you through this, once and for all.  

Jakusovas & Company
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