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Tim P | How can i get around paying the IRS 964 dollars for them not taking enough out through out the year? |
Im in the military and i do what im told. My wife worked as a DOD employee at a child develpment center on base. They didn't take enough taxes out through out the year so we are stuck oweing almost $1000.00. I know about payment plans, but we ware having our first child in 2 weeks and our budget is really tight. How are we going to survive if we have to pay this? |
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curtisports2
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First off, thank you for your service. I feel for what you're going through, but unfortunately, there's no avoiding what you owe in taxes. Everyone is responsible for paying what they owe, and for making sure they don't get into situations where they will owe. It is not the government's responsibility to figure out for you how much to have withheld. It is not their fault for 'not taking out enough'.
You have to plan. You have to estimate what your taxes will be based on what you expect to make for the year. You know what you made the year before and you know how much tax you paid. From that, you can figure out what percent of your income went for taxes. For the current year, you need to have the same percentage withheld unless your income makes a significant jump or drop. If your wife had employment she didn't have the year before and her withholding rate was less than your tax rate from the year before, you are going to be short. She would need to have more tax taken out.
That's just the way it works. It's too late to fix last year, but you can begin to work on this year. If your wife worked this year and continued to have the same tax taken out as last year, you're still in the same fix - but only half as bad. The year's only half over. If she is still working, she can start having more tax taken out, or you can have more taken out. Having a child - congratulations, by the way, will help, with one extra exemption. It may even be enough to give you a refund for 2008, which you can apply toward past taxes. I would go for the payment plan, but whatever you do, don't sit around and do nothing, hoping for the problem to go away. The sooner you act and work out some agreement, the less you'll pay in additional interest and penalties, which could end up being more than the tax shortfall was. |
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viajero_intergalactico
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what?
if you are paying over 90% of your tax then leave things the way they are!!! You will not get any penalties if this is the case.
this way you get to use that $1000 throuthout the year maybe invest it or make a little interest on it. Then just pay them on april 15th.
Financially speaking-
Its just my opinion, but I feel it is better to owe and pay on the last day, than to pay up front and get a refund six weeks after the last day.
but if are the type who cant save a cent, then yeah, pay up front. |
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Wayne Z
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You are ultimately responsible for what is withheld from your paychecks, not DFAS or DOD.
You will have to make arrangements to get this paid one way or another or else it will balloon even bigger. The IRS will accept a payment plan. My advice is to get on one and stick to it.
Congrats on the baby by the way! |
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Judy1
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The amount that's taken out is determined by what you and your wife put on your W-4's. Since not enough was withheld, you owe the extra, but they'll set up a payment plan for you if you can't pay it all at once. Sorry, not what you wanted to hear, I know.
With the new baby, you should be OK for next year so don't have to change anything. |
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travelguruette
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You control how much comes from your checks with the W4 not the IRS. Your employer takes the taxes out and submits to the IRS |
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Wayne S
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Taxes are your responsibility, not your employer's, even though it was the DOD. You will need to make arrangements with the IRS as well as filling out a new W-4 for both of you so that you are not stuck in the same situation next year. |
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tlc
 |
You will likely be unable to "get around" paying the IRS the taxes that you owe. IRS did not fail to withhold those taxes. How much is withheld is determined by you when you fill out your W-4. Make sure you have more withheld by filing a new W-4 and claiming 0 or 1 allowance and/or claiming single.
If you don't pay the IRS your debt to them will only grow through interest and penalties. Make a payment plan that you can afford and get it over with. For the time being, you will need to tighten the belt on your other expenditures.
Here is a useful link explaining how to set up a payment plan.
http://taxes.about.com/od/taxtrouble/ht/IRS_Payment.htm
Good luck - and congratulations on your new little tax deduction! (Of course kids cost more than the tax break we receive....oh well!) |
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src50
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That is not the IRS' fault. Contact them to set up a payment plan. |
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Ms. Angel..
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Congrats!
You are right you budget will be very tight, especially with the prices of pampers and milk, but you can do it.
And you can pay on the installment agreement. IRS will accept as little as $25.00 per month for the small amount you owe. Or course interest and penalties will continue to accrue while you owe. Did you qualify for a stimulus payment, because if you did it was offset to your debt.
You can also request a Payroll Deduction Installment Agreement, your employer will take the amount from your pay check and mail it in to IRS.
Just don't Ignore IRS, you don't want the small amount you owe to double.
Good luck, make sure to adjust your w4 so you won't owe again. |
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John Scott
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As someone noted, you could get a payment plan for as little as $25/month, although there is a $105 one time setup fee (which could possibly be reduced to $43 depending on your income). If you truly can't afford even $25, you may qualify for a hardship deferrment of the debt. |
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