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Dealing With Tax Debt Over the Holiday Season

Dealing With Tax Debt Over the Holiday Season

By on Nov 10, 2015 in Tax Problems, Tax Resolution, Tax Tips | 0 comments

Dealing With Tax Debt Over the Holiday SeasonIf you are in debt, the holiday season can often be just as stressful as the tax season. There is the pressure of keeping up with paying creditors and resisting tempting sales. In truth, the holiday season typically starts right after the back-to-school promotions ends. Next, comes Halloween, then Thanksgiving, and finally most of the religious holidays, sometimes overlapping one another.

At any rate, this means big profits for the commerce industry. Money spent on the holiday season doesn’t all go toward buying gifts and decorations. It can be said that one has the ability to exercise some control here, because it is just a matter of deciding whether to spend or not to spend.

It can also be argued that the real expenses around the holiday season start tallying up when it comes to visiting family and friends. Oftentimes, for some people the price runs high for socializing!

The expense of traveling can certainly cost a pretty penny. Whether one chooses to travel by plane or drive, the commerce industry takes advantage of all this by hiking up flight fees and gas prices. So for those who plan on having a modest holiday season, it still can be a costly time of the year.

To help make your holiday season a little easier on your pocket, here are some helpful tips to dealing with tax debt of over the holiday season. 

Keep Up on Your Payments 

If you already have tax debt, it can be assumed that you may already have some type of payment arrangement made with the Internal Revenue Service (IRS). No matter how good of a sale it is or no matter how much pressure you may be receiving from loved ones to come visit, do not falter on your existing payment arrangement. If you have tax debt, this is your first priority.

Think of it this way, if you miss out on a year visiting loved ones, the chances are highly likely that you won’t go to prison for it. On the other hand, should you neglect your tax responsibilities with the IRS, the chances of facing prison time will have increased considerably. So whatever is going on during the holiday season, make sure that you are keeping up with your tax payments. 

Start Saving at the Beginning of the Year 

It might be a little too late to do this for the upcoming holiday season. However, it is the perfect opportunity to begin this practice in the new year.

Even if you are in debt to the IRS or anyone for that matter, it is always best practice to tuck away some money with each paycheck. Some people might argue that they cannot afford to save any money. Well, it can also be argued that you cannot afford NOT to save money!

Did you know that if you saved at least $50 for12 months, you could have a nice little holiday fund of $600 to spend, as you like? This could fund the gas needed to travel, buy gifts or even a plane ticket. This could also go toward paying off a tax debt! The choice is yours.

Helping You Afford a Festive Holiday Season 

Being in debt is a difficult situation to be in, but it doesn’t have to ruin your holiday season. Knowing how to manage your money the smart way can help make your holidays less stressful. If you want to learn more other ways to manage your tax debt, contact Success Tax Relief at 877-825-1179 or contact us online to schedule a consultation with us today!

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