If you have been wondering “How much do I owe the IRS?” it may be a matter of a simple calculation using an IRS form, or it may require the services of a professional tax company. In this post, we’ll help you answer the question, “Do I owe the IRS?” and explain what steps to take if you are in tax debt. Show How To Check Your Tax Debt BalanceThe easiest way to determine if you owe the IRS money is by checking your federal tax account. To check your account:
In addition to finding how much you owe the IRS, your federal tax account allows you to view payment history, access digital copies of notices from the IRS, review payment plan details, and more. You can also contact the IRS on the phone, or do so in person through a local IRS office. You’ll need to have your Social Security number and personal information with you. You can then ask whether there’s an IRS tax balance owed on your tax account for any previous filing periods. Many taxpayers are uncomfortable contacting the IRS or have no idea where to start when it comes to settling their tax debt. Community Tax can handle all interactions with the government agency and help you prepare tax returns for both the current year and any previous year in which you didn’t file. How Does The IRS Notify Taxpayers of Tax Debt?In addition to updating your federal tax account with your balance owed, the IRS will send you a notice with the amount due. The IRS sends numerous notices to delinquent taxpayers; with each subsequent notice, the consequences increase in severity.
Before receiving this notice, you’ve been sent multiple notices explaining any additional taxes the IRS believes you owe. This is essentially your “last chance” notice. You have 90 days to either protest the additional taxes or pay the tax owed.
You’ll never receive a Final Notice of Intent to Levy out of the blue; the IRS sends out numerous letters beforehand that request you pay your bill or make an installment plan with the IRS. After this notice is sent, you have 30 days to create a payment plan with the government agency, or be subject to a levy. What If I Don’t Pay The IRS?Ignoring the IRS’s attempts to collect what they’re owed can result in some pretty harrowing consequences, including the previously mentioned tax levies and liens. Ignoring an IRS notice can cause both immediate and long-term issues.
Tax Debt SolutionsIf you determine that you do in fact owe the IRS, it’s imperative that you resolve your tax debt as soon as possible. Fortunately, there are several solutions that can make paying off tax debt more manageable.
If you can’t pay your tax debt back in full immediately, there are options. Our team can help you assess which route is best for your individual circumstances. How Can Community Tax Help Me? Do you owe the IRS money? Let us help. You can work directly with a professional team of tax attorneys, CPA’s and enrolled agents who have years of experience helping taxpayers across the country settle their tax debts. From tax form questions to issues about self-employment tax returns, our team of dedicated tax professionals are prepared to help you settle your tax debt. If you are wondering “How much do I owe the IRS?” and you don’t know where to start, call us today at 1-888-676-4319 and get a FREE consultation about your needs. |