While there may be many individuals who look forward to tax season and the possible windfall of funds that might come with tax returns, this might not always be the case for everyone. Individuals in Georgia who feel they will be unable to pay their taxes may find the idea of tax season a stressful concept and back taxes are an issue that continues to affect the lives of many. Those who face tax debts may have questions about how long the IRS might have to collect on debts and on the available options with which to seek tax relief and protect their futures.
Tax debts
While back taxes can arise whenever a person is unable to pay down tax debts in any given year, these debts can continue to affect one’s financial well-being for several years to come. Experts indicate that the IRS may be able to continue taking measures to collect on tax debts for up to a period of 10 years before the statute of limitations kicks in. With each year that passes, the situation may only continue to grow in severity, as interest rates and penalties may cause the balance on one’s debts to soar to new heights.
Fees and penalties might not be the only concern, as back taxes could also trigger a variety of potentially detrimental results. For instance, similar issues could lead to tax liens and levies, or it could also leave a person facing the trials of wage garnishment. While there may be various outlets via which to seek relief from the burdens of tax debt, knowing which path might be the proper fit for one’s situation could be a complex process.
Seeking advice
Dealing with back taxes can be a daunting experience and those in search of much-needed tax relief may find it helpful to seek guidance in evaluating their options. When facing similar challenges, a person in Georgia could consider seeking legal counsel for advice on the next steps to take to protect his or her future. An attorney can help a client understand all the available outlets and help choose a path with which to seek the necessary relief and begin working toward building a healthier financial future.