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March 13, 2023

What to do if you can't pay your taxes

  • Don't panic! Here's what you can do if you can't pay what you owe.
    • By RACHEL PRESSER
    Wealth of Geeks

    We're in “Tax Season,” and like millions of Americans, you could dread the number appearing in that “taxes you owe” box if you don't qualify for a tax refund.

    Time magazine reports that the average federal income tax refund was $3,039 in 2022, likely due to temporary pandemic-related tax benefits and other provisions such as expanding the child tax credit. However, most of these provisions have expired for the 2023 tax year.


     
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