September 12th, 2018
Americans are in debt, in a huge way. The average American has a total credit card balance of more than $6,000, and the number is climbing. But beyond credit card debt is a bigger, more pressing debt - tax debt. Owing the IRS is something that can impact your life in many negative ways, and dealing with the debt is often harder than most realize.
The Huge Increase In Stress
When you are in debt, it weighs heavily on your mind. And every year, Americans fail to pay roughly $458 billion in taxes. That is a huge amount, and it can be stressful. Tax debt leads to regular contact attempts from the IRS to collect, and in most cases will lead to wage garnishment if you fail to pay.
When you fail to make payments at all, you could end up being charged with criminal charges. As such, just knowing that you owe the IRS is enough to put tremendous stress on your shoulders. That stress builds up in the body, and recent studies have linked stress to a wide range of illnesses. Stress actually lowers immune system functionality, creates nausea, increases the risk of heart disease and stroke. In short, your physical health could directly be impacted by your stress.
A Mental Burden
Stress does not just affect the body. It also affects the mind. Stress can have a huge influence on your mental state as well. Stress can lead to things like lower self-confidence and doubts in your own abilities. It can also create depression, cause you to be more irritable, and more. The heavy burden of tax debt can make it more difficult for you to focus on your daily routine and responsibilities, leading to a downturn in performance.
In short, stress can impact virtually every aspect of your life. It can create a heavy burden that leaves you struggling to recover at all. Having large amounts of tax debt is one of the biggest causes of stress that one can face.
Getting Relief From Your Debt
Getting tax relief may seem impossible, but it is not. Millions of other people are currently dealing with the stress of tax debt along with the other stresses that they have to deal with every day. In terms of directly confronting the stress, different mental techniques may help you control the impact it can have on your mental state.
But, you have to get rid of that tax debt burden in order to really escape. As such, you may need help. Getting the assistance of a tax expert might be the only option that you have. You could negotiate a payment system or even reduce the total that you must pay. If you are facing this burden, contact a local tax relief expert.