Death and taxes are the only two guaranteed things you’re entitled to in life. If you’re lucky, you qualify for an income tax refund in 2018. If not, then likely you have a substantial amount owing. It can be an extremely stressful situation knowing that you owe taxes. It’s best to learn about the effects that owing taxes can have on your mind and your body.
Perhaps one of the more stressful situations in life pertains to owing money to banks, credit cards, and the IRS. Stress can build up in your body. Your brain will release cortisol, which is a hormone that is released in a fight or flight situation. Unfortunately, with today’s demands, the cortisol keeps on being pumped out, and you never get a break.
Over time, stress can start impacting every organ and system in your body. You can expect to experience upset stomach, rapid heart beat, and more flus and cold bugs. Over time these can have a substantial impact on your body and cause more serious illnesses and conditions, such as heart disease, stroke, and diabetes.
Besides stress affecting your body, it can also affect your mind too. Stress can affect your mind to the point where you may lose your self-confidence. You may start doubting that you can succeed in life. You may experience feelings of guilt or anger that you can’t be independent and reliable.
If your IRS debt is from a small business, you may feel that you’ve let your family down. You may fear that you may have to shut down your business and take a 9-5 job where you feel you won’t have as much freedom as you desire.
You’re not the only one who is suffering the burden of substantial stress due to a large IRS debt load. There are millions of other people who are suffering the same. Unfortunately, living expenses just grow each year, and often many people have incomes that barely even cover the necessities, let along good-quality food. Stress can even play a role in the adult who works 365 days a year and never gets a break.
If you’re experiencing immediate stress, it’s important to find expert tax help so that you can get your tax payments under control. A company who works on your behalf may be able to get your debt forgiven.
Other ways to cope include ensuring that your keep accurate records after every pay check and that you hire a good tax accountant to prepare your taxes the following year. You should speak to your employer or bookkeeper to ensure that adequate taxes are being deducted from your pay each month. Also take some time to rest and relax, but avoid the drugs and alcohol, as they only make matters worse.
Your tax expert will help you to prepare a tax repayment plan that fits your budget, so that you can take some time to slow down and stop worrying so much.