I Owe Taxes!


DISCLAIMER: I am a CPA, but I am not your CPA. This article is for informational purposes only and is not tax or legal advice, nor can be relied upon as such. The author is not liable for any losses related to actions or failure to act related to the content of this article. If you need specific tax advice consult with a CPA who specializes in your subject matter and taxing jurisdiction.

Bad News. Not only are you not receiving the large tax refund you hoped for this year; but you are not receiving any refund. You owe taxes this year!


You may be wondering how this happened. Especially if your balance due is large, you may be stressing over how you are going to pay for it.


In today’s episode I will be talking about tax balances due. I will cover tax planning strategies for avoiding this situation next year and payment options for those taxpayers with a large balance due.


Note: This episode was prerecorded. Due to the impact of COVID-19 the deadline to pay your taxes for the 2019 tax year is July 15, 2020.


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Links & Resources

  • Episode # 20: “I’m Getting a Refund

  • 2020 Form W-4

  • Short-Term Payment Plan with IRS, for balances that can be paid within 120 days call 1-800-1040 or apply online

  • Installment Agreement with IRS, for balances requiring over 120 days to pay, File Form 9465 or apply online