Tax debt

Tax debt,

Definition of Tax debt:

  1. Debt associated with the failure to pay taxes to the federal or state government on earned income. Unpaid tax debt can cause stiff penalties and even jail time in the United States. The government also has the ability to garnish wages and place levies on property for unpaid tax debt. Sometimes the Internal Revenue Service will allow the debtor to setup a payment plan until the amount has been paid in full.

Meaning of Tax debt & Tax debt Definition