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Tax Debt: What To Do If You Owe Back Taxes To The IRS
Do you owe back taxes to the IRS? Having tax debt can be scary because the IRS has a lot of power to collect - garnished wages, lost tax refunds, and more. Plus, the interest and fees can add up.
Perhaps your side hustle took off, and you never learned to make quarterly tax payments. Maybe you simply under-withheld at work or got a huge bonus that you need to pay taxes on.
No matter your situation, you have options when you have tax debt. Here are the steps you should take when you owe back taxes to the IRS.
The skinny
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