OTTUMWA, Iowa — This year's tax season has a lot of people worried they're going to owe the IRS more money than they can afford.
KTVO spoke with Certified Public Accountant April Crosser to find out what Iowans can expect from this year's tax returns.
She told KTVO a lot has changed since the 2017 tax bill was signed into law.
Millions of Americans are having less money withheld throughout the year. That means some people may not receive the hefty refund that they're used to, or worse, they may end up owing the IRS money.
Crosser says if you're in that situation, don't fret. Act accordingly and pay as much as you can, when you can.
“They will not make you pay more than you can pay. The longer it takes you to pay the more it’s going to cost because of interest. And if you tell them you’re going to pay something and then don’t pay it, they will charge you a fee. So, offer to pay as much as you can, and get it taken care of. They never take your house. It has to be severe and long term before they will take anything from your bank accounts, “Crosser said.
If you think you may owe money, financial experts recommend filing your taxes early. The sooner you find out, the more time you have to pay the bill.