What to do if you owe the IRS money in 2024?
Filing your taxes can be stressful and complex, especially if you find yourself owing the IRS money. Longtime New York debt lawyer Leslie H. Tayne, Esq., gave some helpful tips.
“If you do your taxes and find that you owe money, there will be a due date. It’s advisable to pay by the due date or additional interest or penalties can be imposed,” Tayne said.
To address tax debt, Tayne advises people to first: determine the exact amount owed. You can do that by gathering all relevant documents, such as W-2s, 1099s, and receipts. Tayne suggested exploring payment plan options to ease the financial burden.
“The best thing you can do is reach out to the IRS and discuss a payment plan. Believe it or not, the IRS is reasonable when it comes to making payments. As long as you are making payments on some sort of basis, it will be approved,” Tayne said.
Just because you ignored the notices that were mailed out to you does not mean that the money you owe will suddenly disappear.
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