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Recent studies highlight the trials of dealing with tax debts

On Behalf of | Apr 19, 2023 | Tax Debt

Many individuals may look forward to tax season and the influx of cash that might come from their tax refunds. However, those who owe money to the IRS might not approach this season with the same enthusiasm, and some individuals in Georgia could even worry that they might struggle to manage similar obligations. Recent studies highlight the trials that might accompany tax debt concerns and those who face such scenarios might not know where to turn for advice on their options for relief. 

Survey on tax debts 

Reports indicate that nearly 3 out of 4 Americans who took part in a survey on tax debts admitted to experiencing some level of stress when addressing the issue. Almost half of these individuals also stated that they were expecting to receive a refund, only to be caught off guard by the news that they instead owed money on their taxes. Just under a third of those who took part in this survey also admitted that they did not understand the reasons behind their tax debt balances. 

Some of these individuals asserted that they could not cover their tax obligations without borrowing money from loved ones. Some even said they might need to use credit accounts or take out a personal loan to cover their taxes. Almost half of the respondents also indicated that the presence of similar concerns prompted a need to make changes to financial habits.  

Options for relief 

Those who struggle under the weight of tax debts may encounter various life challenges and might be uncertain of the available options to help pursue much-needed financial relief. When similar issues arise, a person in Georgia could benefit from consulting with a tax law attorney for advice in carefully evaluating his or her situation. An attorney can help a client understand all the available options for relief and assist in choosing a path that best aligns with the individual’s future interests.