It can be pretty scary and unnerving when you owe the IRS money especially when you did not think you were going to owe taxes. There are many reasons why you may owe the IRS once you are done filing your federal income taxes this year. If you find yourself owing and don’t have the money to pay, you’ll need to figure out a way to come up with the money. Here are some options for quickly getting additional funds to pay what you owe the IRS by the tax deadline.
Where to Get Money to Pay Your Taxes
- Get a part-time job.
As I mention in my article on increasing your income, picking up a part-time job is something you can do to help pay your debt to the IRS. Start with places near your home or full-time job to make the commute easier for you to deal with. Search for part-time jobs on job websites such as Monster or Career Builder. When looking for a part-time job, especially in this case since the goal is to help pay your IRS debts, factor in any start-up costs (the cost of a uniform, tools, training, additional classes) and the costs of commute (gas, parking, tolls, wear on your car, oil change, public transportation). You have to consider these costs to really have an understanding of what you will be earning at your new part-time job.
- Sell unwanted clothes.
I’m sure you’ve heard the saying, “one man’s trash is another man’s treasure.” Well this statement is the inspiration for the article turning spring cleaning into cash. Go through your closets, drawers, and everywhere else you store your clothing. If you don’t like something, it doesn’t fit, or you just do not wear it anymore, it’s time to sell it. You can bring clothes to a resale or consignment shop, especially more expensive or specialty pieces. Find stores in your area, such as Plato’s Closet, that buy used clothes, shoes, and accessories (purses, scarves, sunglasses, wallets, belts). You can also sell clothes by having a garage or yard sale or selling items online, such as on Craigslist or eBay. For more inspiration, see 10 Surprising Things You Can Turn Into Cash.
- Take on more hours at work.
If you can and if your employer offers it, ask your boss to take on additional overtime at work. This is probably the best place to start when you’re trying to earn more money quickly. Plus, it will show your boss you are a hard worker and could lead to better things for you in your career life. If you can’t ask for overtime, now may be a good time to consider asking for a promotion or a pay increase. If you feel like you deserve more money or are willing to start taking on additional responsibilities, consider preparing to speak to your boss about a pay increase.
- Do some freelance work.
Whatever your skill set and talents are, there is a chance you can do some freelance work with it. If you have strong writing or editing skills, pick up some freelance writing jobs. If you are extremely knowledgeable on a subject, you can tutor at a local high school or library. Offer your services to local business for graphic design or whatever other skills you have. You can find freelance opportunities at elance.com, Craigslist, and by networking on LinkedIn. Also, review the tips in How to Moonlight Successfully.
- Take on an odd job.
There are plenty of odd jobs you can do to make quick cash to help pay your debts with the IRS. Walk a neighbor’s dog, landscaping, home care and cleaning, babysitting, and so on are options. If you’re handy, people are always looking for electricians and other handy work. You can find odd job listings on Craigslist, in your community newspaper, or even around posting boards in your community. As always, be cautious when applying for jobs at Craigslist. Also see 5 More Ways to Earn Some Extra Cash.
- Sell unwanted furniture.
If you have furniture or home décor that you don’t like anymore, now is a great time to part with it to get extra cash to pay the IRS. Check out these ways to maximize your revenue from Craigslist if you’re planning on selling your furniture online. You can also have a garage or yard sale or put a for sale ad in a local newspaper. Put flyers up on boards around your community.
- Sell unwanted jewelry.
If you have jewelry that you do not use anymore and no longer want, now is the time to sell it to a reputable business that purchases gold or other jewelry. To find out if a business is reputable, check their records with the Better Business Bureau to see if they had any complaints filed against them. Read reviews on Yelp or other review websites. Ask for recommendations from friends and family so they may point you in a direction to a reputable place.
- Make cut backs immediately.
Most times getting rid of debt or increasing a savings account is a slow gradual process. But when you are in need of money to pay to the IRS, time is not something you have on your side. Besides ways to make more money, think of ways you can immediately cut back on what you are spending and simple ways to save money. Can you temporarily cancel your cable, gym membership, or any other nonessential monthly bill? If you can’t cancel, maybe you can scale back and go down to a cheaper plan. The same is true for a cell phone bill. Limit your driving so you don’t have to pay as much for gas and parking. Skip going out to eat for a while, and cook at home instead. Instead of spending money on concert tickets, movies, going to bars, or other entertainment, find free entertainment around you. Don’t buy anything unless it is absolutely necessary until you can pay your debts.
Have you ever owed a sum of money to the IRS after filing? How did you come up with the money? What are your tips for people who owe this year?