10 Common Tax-Filing Mistakes That Cost You Big Time

Risking Your Passport

If you know that you are more than $50,000 in arrears on your taxes, you’d better get ready to take some cash out of your pocket. Since last year, the IRS will notify the State Department on every taxpayer who owes at least $50k.

If you owe a lot of money to the IRS, the State department can revoke your passport or deny your applications for one.

However, if you have evidence that you’ve been working to solve this issue, you’ll be forgiven—at least if you also start giving money back. If your debts are very high, it’s best to talk to the IRS directly and come to an agreement.

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