Can't Afford To Pay Taxes? How Mississippi Payday Loans Can Help
April 28, 2021 | Daniel Dewitt
If you can't afford to pay taxes, you're not alone. Millions of people struggle to return what Uncle Sam is owed, and there are many reasons for that. But neglecting to repay your tax debt can lead to major problems, including property seizures, bank account levies, and paycheck subsidies. One way or another, the IRS will get their money.
So, while the best way to avoid trouble is paying the bill on time, that's not always possible. In fact, it's sometimes impossible to pay any money at all, especially if you live paycheck to paycheck already. Fortunately, there's an easy way out, and it can be found right here in Mississippi. But let's figure out where the problem comes from first.
3 Reasons You Can't Afford To Pay Taxes
People who can't afford to pay taxes aren't necessarily poor. They're usually hardworking folks with many responsibilities - business owners, family leaders, and established community members who just need a break. And most of the time, those individuals can't pay their taxes for one of these three reasons.
1. Taxes Weren't Written Into The Budget
Whether you were operating a company, managing land, or just living your life, it's important to keep some money back for taxes at the end of the year. If you don't do that, you might not afford to bill when it comes.
2. The Taxes You Pay Were Raised Unexpectedly
Did you know that your annual property taxes are based on the value of your home and homes nearby? That means they can fluctuate, causing debts where there were none before. So, while it's a good thing, it's an expensive one too.
3. Your Budget Is Too Tight For Unplanned Expenses
Many people live hand-to-mouth these days, even if they work two full-time jobs. But disorganized budgeting can make things worse, as can unexpected expenses, like tax debts, you weren't ready for.
When you can't afford to pay taxes, bad things can start to happen. And when bad things start to happen, a snowball effect usually follows. Thus, not paying your tax debts on time can have major consequences on your finances and future. In some cases, unpaid taxes can even lead to incarceration.
What Happens If You Can't Afford To Pay Taxes?
So, what else happens when you can't afford to pay taxes? Does it really get that bad? Well, yes, it can get that bad. Not paying your taxes can have serious consequences. Here are three possible scenarios to consider when you cannot afford to pay your taxes.
1. Bank Account Levies
The IRS can dig into your bank accounts and take whatever they're owed in one lump sum, often without your prior knowledge or permission. That's far less convenient than a payment plan. You definitely don’t want your bank accounts levied due to unpaid taxes.
2. Property Seizures
The government can even repossess some of your property if you're behind on taxes. Seizures could include anything from your business assets and your vehicles to your house or even your freedom.
3. Credit Score Drops
Choosing between paying taxes and paying bills can render you helpless. You can’t stop paying your bills or all the hard work you've put into your credit rating goes out the window. However, you can't ignore the IRS, or things get even worse.
When you can't afford to pay taxes, you can't afford to do much of anything else. But getting a traditional bank loan or asking friends and family for money isn't always an option. So, then what? If you are a resident of Mississippi, you can look into getting Mississippi payday loans for some help.
How Mississippi Payday Loans Can Help You Afford Taxes
If you can't afford to pay taxes without a loan, listen up. Mississippi payday loans work to bridge the gap between pay periods when you really need the cash and then you repay the loan usually when your next paycheck comes in – usually in two weeks. Best of all, we here at Mississippi Title Loans don't require a high income, a perfect credit score, or a clean slate with the IRS to qualify. You must however be at least 18 years old to get approved for a payday loan from us.
Tips For Getting Mississippi Payday Loans For Tax Debt
When you're ready to take care of your tax debt once and for all with the help of Mississippi payday loans, here's what you need to do:
- Go to our website to fill out our short online form. A loan representative from the nearest Mississippi payday loans location will give you a call. They will discuss the rest of the process and set up a meeting for you at the store;
- Have all the necessary items prepare for when you arrive at the location. You will need your driver's license or a government-issued photo ID, a blank check from an active checking account in your name, and your most recent pay stub from work;
- They will assess your items and determine if you qualify for approval and how much. If you do qualify, they will help you finish the easy paperwork, explain the loan terms, and hand you the cash.
You don't have to suffer the consequences of unpaid taxes when you have an easy way out. Having unpaid taxes can really negatively impact your life. If you are a resident of Mississippi, it is worth it to look into our Mississippi payday loans. Fill out our online form today to get started on our easy and quick process.