We often hear that money isn’t everything. It’s true when you think about it. It’s not money that is important to you. Rather, the things that are important to you are the things you spend your money on. Problems ensue when you are no longer able to spend money on the things you choose, but rather you are forced to use it on things you do not value. Financial problems cause friction in many marriages and often play a role in separation or divorce. It isn’t only about the money, of course. The stress that debt puts on people can be overwhelming. It can cause them to say or do things they might live to regret, like blaming their spouse for a financial blunder.
Seventy percent of couples admitted that money caused problems in their marriages, according to a recent study. Thankfully, most couples are able to work through them Tax Advisor. But when debt becomes seemingly insurmountable and creditors are calling day and night, some folks are forced to throw in the towel. And no creditor on earth is more powerful or determined than the Internal Revenue Service (IRS).
Owing money to the IRS is not like owing money to a credit card company. Those are unsecured debts and the lender can’t do much besides dun its customers for payment. Sometimes they simply write these debts off as “uncollected” when a cardholder refuses to pay. The IRS does not. Because IRS back taxes are considered secured debts, the feared federal agency can and often will collect the money owed to them by any means necessary. This includes taking it from your bank account, paycheck, or even seizing and selling your possessions.
As you might imagine, this can put a strain on a marriage. When wages are garnished by the IRS, the family has less money to run the home. Pointing fingers and squabbling invariably ensue and occasionally the issues are just too big to ignore. So while money may not buy happiness, it does often stave off unpleasantness.
What can you do?
If you owe IRS back taxes, you must pay them. There is absolutely no alternative. In fact, things will get progressively worse if you ignore IRS letters. IRS agents will add fines and penalties to your outstanding tab, which will only make things harder on you and your spouse. Phone calls, IRS letters, and even visits from IRS agents will not cease until IRS back taxes have been paid. Most tax debtors understand this, but the reason they fail to act is that they cannot afford to pay their debt all at once. Many of them are also apprehensive about dealing with the IRS in person. The logical solution is a trusted tax advisor.