Why Do I Owe Taxes? Are you still wondering, "Why do I owe taxes?" You're not alone. By February 2019, the number of refunds already dropped by nearly 30 percent. The answer to why you owe taxes is likely in your pay-stubs and W-2. Do you have all your tax forms?Click hereto...
What Is the IRS and What If I Owe Taxes?Heidi Duran
If you don’t file a federal tax return or pay the tax you owe on time, the IRS can hit you with a tax penalty. These penalties can add up to hundreds or even thousands of dollars, so it’s not something to take lightly. Fortunately, the IRS has some tax penalty abatement (i.e...
I know, too early to ask. But Tax Day 2025 will be here before we realize it. The Internal Revenue Service deadline to file and pay any tax we owe is the regular April 15 date this year. It’s also Tax Day for most of the states that collect income taxes from their residents, ...
There are several ways to pay the IRS if you owe taxes, but just because you can pay taxes over time doesn’t always mean you should.
I owe the IRS and need assistance in resolving the balances due. I have not filed my tax return(s). I am being audited/investigated by the IRS. The IRS says I owe taxes that I do not believe I owe. I am dealing with a state/local tax matter. ...
However, this rule doesn’t prevent you from reporting mortgage interest, real estate taxes, and casualty losses on Form 8829 and claiming the Standard Deduction. If you do itemize, you have to divide these expenses into the “business portion” (the amount related to the ...
IRS tax formsare used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS) of the United States. They’re utilized to report income, calculate taxes to be paid to the United States federal government, & disclose other information as neede...
What should I do to prepare for my consultation? You should be prepared to talk numbers, meaning how much you owe, how much you make, and more relevant information such as your tax returns. If I'm in a different time zone than the IRS Medic team, will that be a problem? No, we ...
The IRS has at least ten years from the date the tax is assessed to collect payment from you, so they have time to attempt collecting from you in ways that do not involve taking away your house. Of course, if you owe the IRS a substantial amount of back taxes, you may want to ...