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NerdWallet's Smart Money Podcast

Help! I owe the IRS!

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2665 Ratings

🗓️ 13 April 2020

⏱️ 15 minutes

🧾️ Download transcript

Summary

You were expecting a tax refund — but wound up owing money. Changing tax laws and the gig economy mean many taxpayers who traditionally got money back are now having to pay. Sean and Liz help a reader navigate paying a tax bill, as well as steps for avoiding a tax bill next year. As always, send us your money questions! Email [email protected] or call or text the NerdHotline at 901-730-6373. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:04.8

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0:12.4

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0:17.4

From startups to scaleups, online, in person, and on the go. Shopify is made for

0:22.8

entrepreneurs like you. Sign up for your $1 a month trial at Shopify.com slash setup.

0:35.3

Welcome to the Nerd Wallet Smart Money podcast where we answer your money questions in 15 minutes or less.

0:40.8

I'm your host, Liz Weston.

0:42.5

And I'm Sean Piles.

0:43.8

As always, be sure to send us your money questions.

0:46.3

You can call or text us at 901-730-6373.

0:50.8

That's 901-730 Nerd.

0:53.2

Or you can email us your questions at podcast at nerdwollad.com.

0:57.4

This week's question is from Demi.

0:59.5

Demi says, I just did my taxes and I ended up owing the IRS, which I really wasn't expecting.

1:05.9

I know there were some recent tax changes, but I thought I was going to end up getting more

1:09.8

back in my refund,

1:16.4

and that obviously didn't happen. What are my options to pay off what I owe, and how can I prevent this from happening next year?

1:18.3

Oof, Demi, I'm so sorry to hear that you're dealing with this. I've been in the same situation

1:22.8

in the past, and it can be pretty tricky. But to help you answer your question, resolve your tax debt, and avoid one in the future,

1:30.0

we're going to be talking with one of our favorite tax, investing and retirement nerds,

1:33.9

Andrea Coombs, who's really a nerd of many talents,

1:36.9

to discuss the best ways to manage your tax bill and then help you avoid one in the future.

...

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