The Tax Questions Blog

Question: How does somebody end up owing the IRS money?? ?

I know its from owing tax money, obviously! But I have a part time job and taxes are deducted from my pay check automatically. In the movies and on tv shows or in those annoying infomercials, I hear people say they owe the IRS tens of thousands of dollars! how does somebody get to owe that much, or any at all?!?!

Answer: Usually it is caused by the sale of a big asset...a business...a stock portfolio...and the gains made are taxable and the people choose not to pay the tax. Other times...people take income without having taxes withheld..and the IRS knows about it. You should be fine if you have withholdings, and your main source of income is from wages

Corrections and clarifications

The following corrections and clarifications have been published by USA TODAY.

Multiple Places IRS Cutting Edge Tv Show MTV

Related posts

• What Is An Irs Transcript
• What Irs Form To Use
• How To Get An Irs Transcript
• Where To Mail Your Irs Taxes
• Where Do Tax Money Go
• Irs What Is It
• How To Figure Out Tax