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Even a simple question can be a big hassle when it comes to the IRS.
Figuring out how much you owe the IRS is an important first step in getting a handle on any back taxes you may potentially owe. But even a simple question can be complicated when it comes to the IRS. Figuring out quickly if you owe the IRS is crucial to avoid financial challenges like wage garnishment, liens and bank account levies. This guide explains all the ways you can figure out if – and how much – you owe in taxes to the IRS.
If you’re a DIY enthusiast that’s determined to handle your federal tax bill on your own, we give you step-by-step instructions below. Just be ready for some hoops that you’ll need to jump through. But if you’re looking for the fastest, easiest way to see how much you owe the IRS with built-in solutions, click the Get Started button below.
FreeIRSReport.com will then get in contact with the IRS to a summary of your unpaid taxes. Then their team will review the information to provide recommendations on what you should do based on your situation. They’ll also flag everything you need to pay attention to, including:
You will receive your confidential, comprehensive assessment by mail within 70-10 business days. The report will include recommendations getting out of tax debt from a licensed tax practitioner. Potential solutions include Installment Agreements, which set up a payment plan and an Offer in Compromise, which settles tax debt for less than you owe.
FreeIRSReport.com makes it easy to see exactly how much you owe the IRS, in total. Even if you’ve received an IRS collection notice, you may not know exactly how much you owe. Collection notices generally only apply to a single filing year. You may owe multiple years of taxes and could be facing penalty interest up to 25% of what you owe.
In addition, the free tax analysis that you receive will come with built-in solutions based on your financial situation. If you contact the IRS directly, they’ll be happy to tell you what you owe, but not what to do about it.
If you don’t need a free assessment of solutions to eliminate your tax debt, then simply contact the IRS directly. You can check how much you owe the IRS online or over the phone. You will need to provide your date of birth and Social Security number. If you’re using the online account portal, you’ll need some extra information as well.
One of the IRS’ leading online tools allows you to create and view your tax account through the IRS tax account portal.
However, you here are some things you need to know before you try to log on:
If you’re missing any of that information, then you won’t be able to use the online portal. This includes having a cell phone plan in someone else’s name.
Once you get into the account portal, it will show you:
You can review this information, request a transcript or select an electronic payment option to pay your taxes. However, the IRS won’t go into any details about the various options you have for repayment. And they certainly won’t recommend options for reducing how much you owe, such as tax debt settlement and penalty abatement.
If you don’t have all the required information to use the online portal, the IRS offers a toll-free hotline. For individual taxpayers, the number is 1-800-829-1040. You can any day from 7:00 AM to 7:00 PM local time.
Act quickly! Tax penalties and penalty interest stack up quickly on back taxes. A few thousand-dollar problem can quickly rack up penalties to become tens of thousands of dollars. The longer you wait, the deeper the hole you’ll need to dig out of. The IRS can apply penalties up to 45% of your balance every month. And those penalties accrue regardless of your ability to pay them.
If you contacted the IRS directly, you will need to find a licensed tax attorney to review your options for tax debt relief. If you used the free tax assessment from FreeIRSReport.com, then it will list the full range of options directly on your report. The licensed tax practitioner will provide recommendations based on financial limitations you explained in your survey. That way, you can get a head start on solving your challenges with tax debt as soon as you see exactly how big those challenges are.
Article last modified on June 5, 2019. Published by Debt.com, LLC . Mobile users may also access the AMP Version: How Do I Know If I Owe the IRS? - AMP.