The Osbournes Take $700,000 Bite Out of Massive Tax Bill

6/3/2012 12:50 AM PDT

and Sharon Osbourne are one giant step closer to TAX FREEDOM -- because TMZ has learned, the couple just paid off nearly 3/4 of a million dollars of a massive tax bill.

According to government documents, obtained by TMZ, the Ozzies just forked over $718,948.25 to cover their unpaid taxes for 2008.

But it's just the tip of the IRS-berg -- as we reported, Ozzy and Sharon allegedly still owe $1,381,245.65 in unpaid taxes for 2007 and 2009.

"America's Got Talent" money hard at work.