Owing tax money on the IRS is referred as tax debt. In most cases, a failure in paying your taxes on time either fully or partially is the main reason witnessed behind such a debt. Here it is important to understand that everyone earning a certain amount of money on yearly basis becomes a subject to the taxation automatically. Two major classifications exist. One out of them is the federal tax that is collected on behalf of the central government by the IRS, the second one is state tax, and its collection is the right of every state.
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