Rarely do taxpayers who owe back taxes scream for help until they are thrown into the shark-infested IRS shark tank. They wait until the last minute for someone to throw a lifeline at them to save them from their troubles with the IRS.
They think that if they don’t hear anything from the IRS, they are fine for now. Unfortunately, what you don’t realize is that doing nothing costs you lost money in addition to what you owe in the form of penalties and interest.
The real question is, why? Why do most delinquent taxpayers wait until it happens or dies? From what I’ve seen and heard from being in the tax resolution business, I’ve come to the conclusion that most people are just plain scared. Sure there are other reasons. Some are legitimate and some are not.
It is the fear of the IRS that really scares most people. Obviously, not having the necessary funds available to pay your taxes is the reason you are in this position. However, doing nothing about it until you are thrown into the IRS shark tank is not the answer.
The word fear can be a noun or a verb. For instance;
Noun– An unpleasant emotion caused by the belief that someone or something is dangerous, that it can cause pain or a threat.
Verb: being afraid of (someone or something) as it is likely to be dangerous, painful or threatening.
The difference between the two is negligible to the taxpayer who fears the IRS.
But let’s stop and think about it for a moment. Are you afraid that the IRS is dangerous? They are not unless you have done something criminal. It is important to understand that it is not illegal to owe back taxes. However, it is illegal not to file.
Are you afraid the IRS will be painful? They are not unless you do nothing to fix your problem.
Are you afraid the IRS is threatening? They are unless you do something first to avoid being threatened with a garnishment, bond, or wage garnishment.
As the famous President Franklin Roosevelt said in his first inaugural address, “The only thing we have to fear is fear itself.” When it comes to taxpayers who fear the IRS, their statement is absolutely true.
If you fear the IRS, you are only afraid of what you believe or do not know what can happen to you. This fear can be completely eliminated simply by contacting the IRS or hiring a professional to help you.
So, stop drowning in fear of the IRS. Stop being afraid of the unknown when it comes to the IRS. Learn about your rights as a taxpayer. Take steps to resolve your issues with the IRS. If you are not sure how to get started, hire a competent professional to help you.
You will not drown, you will save yourself.