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For many people, life’s routines are perceived as a matter of endless work to earn that weekly or bi-weekly pay check to continue paying off monthly debts. At least, that’s how it feels. In reality, though, we work to earn money as a means to an end; basic living. Being able to eat, care for one’s family, maintain a home, and care for the needs of others are some of the most critical concerns of life. Unfortunately, even addressing these basics all require money, so we work long hours.

However after those long hours of hard work comes the unhappy realization when looking at the post-tax remnants of a pay check – there is a large percentage extracted each pay period. For example, it can be a shock when the expectation is, say, $400 spending money on a check but the net pay is only $225. This gap between gross and net pay can significantly hamper the ability to pay off our bills.

Young people who are new to the work force may look at their pay stubs with great anticipation and can become confused by all the odd letters and dollar signs immediately following them. The deductions being extracted for requirements like FICA, Unemployment, Social Security, and local taxes can all be a true mystery to them.

We pay taxes with the sometimes naive expectation that they go toward the betterment of our country and to help pay for programs we take advantage of. However, experience tells us that they frequently go to fund unwanted international conflicts, pay benefits to people who don’t live here or weren’t born here, or represent political positions we do not embrace. Very frustrating indeed!

To make matters worse, homeowners pay annual taxes that must be paid monthly either via an escrow account managed by the mortgage company or annually through your own savings. And if you are unable to pay these taxes on time, you will be charged late fees. In a worst case scenario, unpaid taxes can subject you to heavy fines, an audit, and then possibly jail time.

If you owe taxes to the IRS and are having difficulty gathering the funds, consider the following tips.

1. Contact the IRS to request a detailed report on the taxes that you owe. The IRS will discuss your tax return free of charge to make sure that all calculations are accurate.

2. Recalculate all the figures on your tax return for your own comfort to ensure prior to sending in your taxes that your figures are all indeed accurate.

3. Look for clearly explained information on tax laws, or hire a third party tax preparer to search your records for any tax exemptions or discounts for which you may be eligible.

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