If you file youryour tax returnand discover you have a tax bill this year, you’re not alone.
While theIRS returns billions of dollarsto taxpayers each year, some Americans do end up having to pay.
TAX SOFTWARE DEALS OF THE WEEK
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Not filing your taxes won’t make your tax bill go away.
The government can also garnish your wages or take the money straight from your bank account.
Depending on your situation, you could be eligible for an extension to pay or another agreement.
This shows the IRS that you intend on paying your tax bill, rather than just ignoring it.
You’ll make ongoing payments until your tax bill is paid in full.
There are different payment plans available, depending on your financial situation.
You’ll need to complete IRS Form 9465, which is anInstallment Agreement Request.
This form lets you request a monthly installment plan from the IRS.
You cansubmit an applicationbut there’s no guarantee the IRS will approve it.
You’ll be evaluated and verified by the IRS to see if you’re eligible for an OIC.
There’s a $205 tool fee, although low-income Americans can qualify for a waiver.
A few more things to think about
Remember, your situation isn’t unusual.
You also may want to revamp your W-4 form at your job to ensure enough taxes are being withheld.
Ask your human resources contact if they’ll go over your selections.
Separately, if you have aside hustle, you might have a bigger tax bill because of that.
Don’t be afraid totalk to a qualified tax professionalabout your situation to avoid it next year.
Getting professional help could make the difference between owing money and getting a refund in 2026.
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