Our Guide to Figuring Out How Much Taxes You Owe - Axiom Tax Resolution Group

No one can deny that taxes are far from fun. Giving away some of your hard-earned money may not be pleasant, but it is your responsibility as a working adult in America. We wish paying taxes would be easy, but it can be challenging, resulting in a tangle of complications. Sometimes the complexities with tax laws are so confusing that you may even owe taxes to the IRS!

There’s nothing like tax problems such as unpaid back taxes to cause frustration and confusion. Although there’s pressure to rectify a tax issue as soon as possible in fear of dealing with issues related to interest, wage garnishments, tax liens, and more, this problem can be dealt with quickly thanks to the clear resources provided by the IRS.

Do I Owe the IRS Any Taxes?

Everyone that owes the IRS will receive a tax bill for the total amount. Aside from the balance due, the bill will also detail the penalties or interest you owe. Once you receive the tax bill, you must pay as soon as possible because the daily compound interest and monthly penalties will accrue.

Other than receiving a bill, the IRS may also notify you of your taxes owed by filing or reviewing tax returns. Before penalties and interest begin accruing, make sure to file your tax returns so that you can start taking care of your tax payments.

How to Determine How Much You Owe

If you’re sure that you owe money to the IRS but don’t know the specific amount you must pay them and don’t have clear tax records available, don’t worry! Fortunately, there are several ways to determine how much money you owe. Read down below to find out what you can do to confirm how much you owe:

1. Request a Transcript

The tax bill from the IRS already includes the amount you owe, but if you want to do your own analysis, you can take a look at your tax transcript. Luckily, getting a copy of your transcript is easy, as you can do everything from your computer. 

Once you have an IRS account set up, you can view your tax transcript online. However, if you don’t have an IRS account, you have the option to have the transcript mailed to you. Within ten days, you will receive a hard copy of your transcript.

2. Visit an IRS Office

If you want to inquire about your IRS balance, you can visit an IRS Tax Assistance Center near you. Keep in mind that you can’t just walk in to speak with someone; you must call the office to make an appointment and bring your current government-issued photo ID and Social Security number when you do.

3. Consult a Tax Resolution Specialist

The numbers provided by the IRS aren’t always correct. Their calculation is based on their records and findings, after all. There’s a chance that the taxes you owe to the RIS are actually lower based on your record! To determine the exact amount of what you owe, we recommend reaching out to a tax resolution specialist to help you go over your tax records and payments.

Conclusion

Paying your taxes is confusing enough; what more if you have tax problems you need to resolve? Owing the IRS money doesn’t sound pleasant, and it isn’t, but you can overcome it as long as you follow the correct steps. If you’re having trouble with your unpaid back taxes, you can work with a tax expert specializing in this tax problem to make things easier!

Do you have tax problems that you can’t seem to overcome? Then, our team of tax resolution specialists at Axiom Tax Resolution Group may be able to help! Whether you have a tax refund to claim or end up owing back taxes, we’ll provide the personal attention and guidance that will make the process as painless as possible. Connect with us today to learn more!