How to Know if You Owe Taxes

Most people want to know if they will owe taxes as soon as possible. This can give them time to prepare in advance for the fees they may have to pay the IRS. It is always best to resolve financial debt with the IRS as quickly as possible. Here are the simple ways to find out if you will owe the taxes.

The first way to find out if you will owe taxes for the year is to fill out an income tax return. This is done by getting the appropriate tax forms and filling out the information. Most individuals who are not familiar with preparing their own tax returns will have them done professionally. There are many companies such as H & R Block and Jackson Hewitt that prepare taxes each year for individuals. These companies can tell you the same day and usually within an hour whether you will owe taxes. You will need to provide them will all of your tax information from the prior year.

You can also contact the IRS by phone. This can be done by calling (800) 829-1040, or you can give them a visit in person at your local IRS office. It is important to have your information or the taxpayer's information with you. The hours of operation for the IRS's telephone center is 7 a.m. to 10 p.m. Monday through Friday. Ask the IRS representative whether there is a money owed on your tax account for the previous year. If there is an amount owed most representatives will help you set up a payment arrangement to get the balance paid. You can also make payments with the representative over the phone.