The Tax Resources Blog

Archive for August, 2010

Owing The Irs Money

Question: How is it possible that you owe money to the IRS by not filing your Income Taxes?

I hear so many stories on the news about people being fined big amounts for not filing their tax returns. I am confused by how this works. Please explain, i’m just curious.

To me I feel like if you don’t file your taxes then the IRS won’t have to send you a check and that’s better for them cause they will be able to keep that money. so how is it that you owe them money?

Answer: You seem to be under the misconception that a Tax Return is equal to a refund.

1/2 of the population OWES taxes when they file.

Owing Taxes To The IRS