Have you ever noticed the gruesome effect on business owners’ mental health caused by tax debt, which has silently lurked in the dark since the beginning? Visualize the heartbreak of seeing your hard-earned dream crumble under the weight of this unseen yet potent forceโtax debt.
Tax debt is not just a number on your Excel sheet; it’s a social responsibility often overlooked by business owners in the early stages of a startup. Deciding to address it later can lead to a heavy burden, potentially wiping out the fruits of your hard work and leaving you in financial ruin. This delay is not a temporary setback but a long-term threat to your business’s survival.
Without a well-structured debt pay plan, your business could face unwanted financial complications, emotional and psychological trauma, and even the risk of closure. Acting and developing a systematic plan to address your tax debt is crucial.
The fear of not paying taxes on time has a much more significant impact on one’s personal, family, and workplace lives. The fear of how it will affect one’s relationships with partners and colleagues at work and with one’s family back at home would have a toll on one’s psychological health. It is imperative that work-related tension affects the workplace environment and ruins the family discourse.
Business owners of any level dread nothing more than Bankruptcy. The fear of losing all that you have built from scratch because of tax debt paves the way for emotional instability in your behaviour, thus letting anger, anxiety and depression play their foul play.
The once-unquenched thirst for acquiring more and better dies due to the confused self that no longer trusts oneself, thus letting the business owners dwell in the pits of depression with the fear of never being enough due to prolonged exposure to uncertainty and stress.
Navigating work under tax debt pressure is a tough choice. Businesses are all about confidence, sanity, and study. To have a healthy workplace environment, one must have a healthy mind. A mind focused on the strain of tax debt because of years of overdue taxes cannot act sanely or confidently.
Such instances lead to making rash decisions and taking investment risks instead of seeking professional assistance for tax debt, which spiral down to deep debt issues.
This gruesome cycle of poor choices regarding the future of business destabilizes the already-shaken foundation of businesses facing tax debt problems.
Tax debts create a Ripple effect (the Domino effect) and affect every phase of business owners’ lives. As every segment of life is connected, the tax debt scuffle at the office can severely jeopardize the relationship with family members.
Anxiety leads to carefully curated sentences, making the lively conversation at home more robotic. The family would prefer to walk around on eggshells to avoid mood swings. The inadequacy to meet familial expectations would magnify the sense of emotional unavailability and despair among business owners.
Tax debt affects your work and your self-confidence. The inability to achieve what you have envisioned and the sudden realization of losing your masterpiece due to the tax debt create clouds of embarrassment and low self-esteem.
The fear of inadequacy, judgment, and lack of credibility can erode self-assurance, prompting a preference for seclusion. This emotional distress further clears the way for depression and anxiety to kick in.
We universally acknowledge that the human body always reacts to psychological changes, whether good or bad. The constant tussle between the tax debt and business owners trying to find the middle ground often leads them to various health issues other than anxiety and depression.
Palpitations, headaches, insomnia, IBS and a weakened immune system are some of the effects of procrastinating the poorly managed tax debt.
Furthermore, remote healthcare solutions use technology to bridge the distance between patients and healthcare providers.
Bessel van der Kolk, a famous Dutch psychiatrist and writer, says in his book The Body Keeps Score: “The greatest sources of our sufferings are the lies we tell ourselves.” We often ignore what has existed in plain sight since the beginning, i.e., making a relevant and systematic tax debt policy.
If there’s a solution to every Algebra problem, then there’s undoubtedly a solution to every tax debt issue, no matter how futile they are.
Business owners should always seek help from fellow businesspeople, especially those who have faced similar problems. Seeking help from fellow business owners would also address the issue of low self-esteem and isolation, and business owners would realize that they are not alone.
Thanks to technology, there are various ways to connect to business owners worldwide and hear or read about their business struggles, including managing finances and tax debts. Moreover, in the case of mental impairment, business owners must seek professional psychiatric help.
The psychological health of any business owner plays a vital role in the growth of the business. Ill-handled or prolonged postponement of tax debts negatively affects the mental health of business owners, thus leaving the company at stake.
Understanding that tax debt is not just a financial issue but would jeopardize the emotional and mental well-being as well, getting financial assistance and keeping your tax books in check are some of the many crucial steps that should be acknowledged and acquired by the business owners to keep their self-confidence intact and their business flourishing.
