Consequences of Neglecting Tax Payments and How to Deal with Your Tax Bill
Sunday, 17 March 2024, 11:30
What Happens When You Blow Off Your Tax Debt
Ignoring your tax debt can result in accumulating interest and penalties over time. Failure to pay may lead to wage garnishment by the IRS.
Repercussions of Ignoring Tax Payments
- Interest and Penalties: Each month of non-payment incurs additional financial burdens.
- Wage Garnishment: IRS may seek a portion of your wages if tax debt remains unpaid.
It's crucial to address your tax bill promptly to avoid severe consequences on your financial stability. Seeking installment plans or offer in compromise can help mitigate the impact.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.