What Happens If I Owe Money on My Taxes but Don’t Pay?
Most people who file their taxes get money back in refund form as a result. But that doesn't always happen. If your earnings increased a lot but you never adjusted your withholding, you could have an underpayment on your hands, which means you owe the IRS money, and soon. You're required to pay your tax bill by the filing deadline, which, this year, is July 15.
But what if you don't have the funds available to pay that sum? If you weren't expecting to owe money, it's a likely scenario. Still, you can't ignore an outstanding tax bill, because if you do, you may be in for an unpleasant surprise: garnished wages.
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Source Fool.com
