Tax Dictionary – Owe Taxes
While most taxpayers get a refund from the IRS when they file their taxes, some do not. The IRS offers several payment options for those who owe taxes.
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Any time you don’t pay the tax balance shown on your federal income tax return in full by the due date, you create a tax debt.
The IRS can charge penalties and interest on that debt, and those will add up until you pay off the tax debt.
The IRS will send you increasingly urgent notices requesting payment. If the IRS doesn’t receive a response, the IRS can begin enforced collection action, such as issuing a levy on your wages or bank accounts, or filing a federal tax lien.
You may be eligible for an additional child tax credit. Learn more about notice CP08 and how to handle it with help from the tax experts at H&R Block.
The IRS has assigned you a Personal Identification Number (PIN). Learn more about IRS letter 2940C from the tax experts at H&R Block.
Learn more about letter 3219, why you received it, and how to handle an IRS notice of deficiency with help from the tax experts at H&R Block.
Learn more about letter 3404C, why you received it, and how to handle an IRS 3404C letter with help from the tax experts at H&R Block.