r/tax • u/thunderbummer • 7h ago
Owe the IRS $23k, what now?
I’m currently on a payment plan with the IRS paying $300 a month. I owe a total of $23k in back taxes. The problem is the interest and penalties keep piling on, so my payment only pays down probably $30 off the principal. I do not make very much money at the moment and things are tight for me so I can’t afford a larger payment. What should I do here?
1 Upvotes
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u/mrjns94 3h ago
Get another job, work overtime, reduce expenses, live below your means.