 Can I deduct credit card interest for money deposited into a MM account? |
| If I take a credit card cash advance and deposit this money into a money market account, is the interest on this credit card debt deductable on federal taxes? I have an unique credit card offer that ... |
|
 I think I am getting too much back? |
| I filed on Turbo-tax. I made around $7800. I paid in $414. Somehow Turbo-tax says I'm gettin back $774. Is there maybe some tax credit that was applied automatically by turbo-tax? Did I ... |
|
 Is 991.00 too much for tax prepare? |
| I apply for the RAL with HSBC at a tax place, and I called today to check and see how was myy IRS Refund $5,264.00, but I got my check with fees taken out it was $4,272.46 as you can see that is ... |
|
 How safe is www.taxact.com? The y are supposed to to help prepare tax for free.? |
| or better still does anyone know where i can file taxes for free in south florida?... |
|
 Why haven't I gotten my direct deposit from the government yet my last 2 SS# is 12? |
| Iheard lots of people got theirs Monday but here it is Friday night and still no $600 for ... |
|
 If you're comparing tax preparers, are you obligated to pay them? |
| I wanted to see if another well-known company would come up with the same amount as I did by preparing them myself. I was a little bothered from the moment I called them, because they wouldn't ... |
|
 Why was my tax refund so low when so much was taken? |
| taken 3000 only recieved 950 back ..i claim zero every year i have no deductions to speak aside from standard im 23 im single and have no children...i feel like they are stealing my money i only made ... |
|
 Is this another fraud!?!?! help!!!? |
| i just received this call this morning.. the guy told me he's calling from the tax refund department.. he told me there was some kind of random pick thing every year. and i was going to receive $... |
|
 Each of my parents have been gifting me $10,000 for the past ten years. How do I prove it was a gift? |
| How do I prove that each year they gave me 10,000 each. As it stands, the gifts were kept as cash and only recently did I deposit the whole lump sum into a CD. How do I prove to the IRS that the CD ... |
|
 If in the future...? |
| If in the future I sold all my assets & got possible inheritence would I have to pay tax if I left the UK before I sold them all?... |
|
 Am I getting stimulus check??? |
| I filed a 1040EZ tax return way back and got my refund. The last two digits of my social are 92 so I figure I should get it by the end of this month...if I get one at all that is. My question is ... |
|
|  |
john w | Getting screwed by the I.R.S. help? |
2001 i owed 1k , 2002 owed 3k and 2005 owed 1k. did not recieve my first letter until 2004 stating i owed. have been recieving letters requesting payment in amount of 10k as of january 07'. rec'd letter in april 07' stating they kept my 06' refund of 6k, great i only owe 4k now, or so i thought. got a levy notice may 07 and was finally in position to start making payments. found out i owed 16k!!! instead of 4k they took my refund of 6k and added 6k worth of penalty and interest. I lost my job shortly after so back to square one. a year goes by and im getting letters i owe total of 17k w/ P&I. still have not rec'd and cant get letter showing a 6k pmt. was made. may 30, 2008- IRS tells me 06 pmt was applied as well as 07' refund of $3,088 MIraculously I incurred 9grand worth of P&I in 1 yr. WTF MAN? somebody help!!!! |
 |
 
Ms. Angel..
 |
Download Form 4506-T Return Transcript or Record of Account from the IRS website and request and request all the years in question. I can't believe you didn't know you owed. Go to the local IRS office in your city to speak to some one in person, you can at the same time either provide the form 4506-T or ask them for the record of account. But yes P/I are very high when you owe IRS.
Just don't ignore it anymore.
But if you prefer to call then call 1-800-829-7650 or 1-800-829-0922. |
|
John Scott
|
That doesn't make any sense. As someone else suggested, you need to get a record of your account to see exactly what's going on. Are you sure you don't owe for any other years?
By the way, Bob's comments are somewhat in error. Having a good payment history isn't going to cause the IRS to waive any penalty or interest. Also, if you have a payment plan you're not qoing to qualify for an offer-in-compromise. |
|
Loubies
|
Although I do not agree completely with Bob (regarding the good payment history in order to do the Offer in Compromise), I do agree with his approach. I however do not agree with Stan. He obviously does not know what he is talking about. |
|
Steve
|
First off, the IRS is NOT screwing you. You are screwing yourself. You ignored the problem hoping that it would go away. Guess what? It didn't and it only got worse.
From your question, you KNEW that you owed the IRS back in 2001 and 2005. Did you do anything to try to solve the problem? Not from what I can see. The only time that you made payments to pay off these debts was when the IRS kept your tax refunds in future years.
I am willing to bet that the IRS sent you MANY letters requesting information or payment for these debts. |
|
Jss
 |
You owed $1,000 on your 2001 tax return. Then there is interest and penalty and the amount multiplies and then the interest and penalty is paid on the multiplied amout. Similarly, you owe $3000 for 2002 and $1000 for 2003.
Consult some tax person and work out an intallment plan with IRS. |
|
wartz
 |
Your story by itself does not make sense and nobody reading your narrative could figure out what has happened. It would take a detailed analysis of your account to understand what went on to generate these bills.
If you were my client, I would order transcripts of your account and lay them out and show you how you owed what IRS says you owe or find the errors to that you show IRS that you didn't owe it depending on what was there. |
|
Bob F
|
Have you actually gone to one of their offices and talked to one of them? That is where I would start. It sounds like you are trying to take care of things on the phone and that just does not work. If you go to them, they can print out your tax payment history - every tax payment you have made to them. Every taxpayer has an "account" with them just like a bank account, with your social security number as the account number. That is where I would start. If you made a payment that is not on there, you can go through your records to prove that you did pay them something - a canceled check or whatever proof you have.
The next thing is the penalty and interest. When you aren't paying your taxes, they can and do add that on. But if and when you start making regular payments, you can ask them to waive some of that so that you can get out from under this. But before they will, you HAVE to establish a good payment record in installments or something to start paying back. And once you do, you HAVE to make sure you NEVER miss a payment for any reason - even if you have to skip a meal now and then and park your car and take the bus to save money - you HAVE to make those payments like your life depends on it. Then after a few months or maybe a year or two (depending on how fast your are paying things back) you ask them to review the penalties and interest and ever some of the back taxes themselves. It is called an Offer In Compromise. But don't even suggest one until you show a record of good faith payments.
Obviously, you need to make sure you are keeping current on taxes on the money you are earning now. In other words, make sure your withholdings and/or estimated payments are high enough that you will get a refund every year. The last thing you can afford is to dig the hole deeper every year.
There is a light at the end of the tunnel and if you really want this to go away, you can, but it won't be easy and it will take a while. |
|
I'mSoSure
|
Whatever you do, DO NOT attempt to resolve your problems with IRS by phone or by letter. This is something that needs to be done in person, face-to-face. Be sure to have all of your paperwork in order and with you at the time of the meeting - - tax returns, proof of payments, correspondence, etc.
Also, don't go alone. You don't necessarily have to have an attorney or an accountant with you but it sure would help. Otherwise, take someone that is literate, level-headed, and able to understand what is being discussed. And make sure that person has full knowledge of your financial situation and has had an opportunity to review all correspondence you've received from IRS before any meetings with them.
If you've had someone else prepare your tax returns for the years you've mentioned, that tax preparer would (and should) be able to accompany you and assist you with any meetings with IRS.
If you've been doing your own taxes for all of these years - - - you might want to consider having someone else do them for you from now on.
Best of luck. |
|
EGG
|
awwww thats just not cool what should you do. maby get a job if you dont have one but im sure you do first go ask them why they arnt letting you take a lone |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 18 minutes(s) ago
| | | |
9 | 40 minutes(s) ago
| | | |
9 | 1 hour(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 5 hour(s) ago
| | | |
9 | 6 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 3 day(s) ago
| | | |
9 | 6 day(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
