An outstanding tax bill can lead to penalties and accumulating interest.
It is important that you get it taken care of as soon as possible.
How much can you deduct because of the charitable donation tax deduction?
Do I owe money to the IRS?
You will get a letter in the mail when the IRS notices that you haven’t filed a tax return, didn’t pay or underpaid. The IRS will never contact you via email, phone, or social media. There is a set period of time to respond after the letter has been sent. Be sure to respond as soon as possible to reduce potential penalties and fees. Read more about it here.
If you think you have underpaid the IRS, you’ll want to take action. There are a few ways you can check for an outstanding balance:
- IRS online account
- If you don’t have an account with the IRS, you’ll need to set one up online. The tool will allow you to access your account information like balance, payments, and tax records.
- Call the IRS
- Individual taxpayers can call: 800-829-1040
- Business can call: 800-829-4933
- Keep in mind that if you choose this option you’ll likely be on hold for awhile. Wait times are averaging around 13-19 minutes during the post-filing season.
- Check with a professional
- If you are completely lost or really worried, consult a professional. The IRS warns about picking just anybody you find online. To help you out, the IRS has a searchable directory of preparers that have credentials and are recognized by the agency.
What is a pre-tax deduction and will it help me?
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