Because of my previous video,
some people might be worried
if the letter they received from the IRS is actually legit
or not or if the balance tool is actually real or not
but I did mention to you guys
how you can actually find out if it’s a real balance or not
in my previous video
but I wanna make you guys aware of something about IRS tax balances
if you just ignore the letters and don’t pay it
then interest will keep building
and the interest is a variable rate
right now it’s about 8% and it could go higher
so what I see happen quite frequently is that people file their tax returns
and on their tax returns when they file
there’s a balance due then they say
you know what I’ll pay this balance later
I don’t have the money to pay it
and then they forget to pay it
and then they get a bill maybe six months down the line
or three months down the line
and then they’re like why do I have this Bill
and then the Bill they have is higher than what they actually originally owed
on their tax return because of interest
so whenever you’re getting an IRS Bill
you wanna definitely check on the IRS website
to see if you have a legitimate balance
look at your original tax return to see if you owe the balance
because you may have forgotten about it
also
don’t freak out if it’s the first balance due letter you’re getting from the IRS
they’re not gonna take you to jail yet
but you wanna make sure that maybe you set up a payment plan or
or something or take some sort of action so interest doesn’t keep building up