Even though many of us do not like sending a portion of our salary to Uncle Sam, it is inevitable. You might be lucky to qualify for some tax breaks in the form of refunds. Not everyone, however, qualifies for a refund; hence you probably owe. The thought of owing the IRS could be stressful and can impact one mentally and psychologically.
There are many causes of stress for average Americans. However, owing money to the IRS is one of the leading causes. One of the effects of stress in the body is the release of cortisol. Cortisol is a stress hormone that is dangerous to health as it is responsible for many adverse health conditions.
There are many ways stress will manifest in your body. You could experience rapid heartbeat, upset stomach, headache, flu, and many more. In time if the underlying cause is not addressed, it can degenerate into serious illness like stroke, diabetes, or high blood pressure.
Stress does not affect the body alone. Mental health also suffers when stress is too much. This happens when people begin to lose confidence in their abilities. Some people might start to question their life choices and their ability to succeed in life. In time, this could build up to a feeling of shame and anger.
You might even feel you are incapable and unreliable. You might stop believing in yourself, especially if the IRS debt is for the family business. This might lead to the dread of closing down your business. Many people might even consider taking a 9 to 5 job, which comes with many disadvantages as well.
Stress is normal and part of life. As humans, we are bound to experience stress from time to time. It could as a result of your responsibilities like family obligations or work (in this case, when you owe the IRS) or traumatic effect like job loss or death of a loved one can trigger stress.
In a short period of experiencing dreadful situation, stress could be helpful as it helps cope with an adverse situation. It, however, becomes a problem when the stress hormones do not stop firing, which can affect one's health adversely. Other symptoms of stress you will see are:
The central nervous system takes care of the fight and flight response. This is triggered by the hypothalamus, which fosters the release of stress hormones – cortisol. This is when you feel your heart racing and blood rush to some parts of your body.
When the perceived fear dies down, your entire body system should go back to normal. Many times, however, people do not solve their tax issues on time. As a result, the stressor remains there, and the response will continue
Tax problem stress is an issue common to most Americans. There are millions of people losing sleep every day because of a huge debt to the IRS. It is, however, sad that living expenses grow every year, and the incomes of many people are barely enough to take care of their needs.
As evident in the article, the long term effect of stress on the body is costly. With this in mind, be sure to find a tax resolution expert to talk to if your debt to the IRS is taking its toll on you. With help from a tax expert, you should be able to get your tax issues under control.
Also, be sure that you have an adequate record of your entire paychecks. This is in addition to hiring a good tax accountant to prepare your taxes. This is another way to manage tax stress. Also, your employer should make sure that they deduct the right tax from your paycheck each month.
Be sure also to take some time out to unwind. Do not resort to alcohol or drugs as a coping mechanism for stress. They only solve the issue for a while. Once the effect wears out, you will be faced with the problem again.
Alongside your tax expert, coming up with a tax repayment plan is a good idea. Not only will it fit your budget, but it will also remove the burden of worrying excessively about tax.
