 Taxes..... need knowledgable answerers? |
| So, I need the money I will be getting from my return the day or a couple days after I file. Would HR Block give a refund anticipation loan this early in the month? I asked this question before but ... |
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 How to Save Tax On salary? |
my salary up to dec 08 is 224000/- i want to save Tax on it,
i do not have any saving like lic,ppf , taken education loan in 2003 of Rs.75000/- for 7 years can it help
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 Will I have send in a tax return? |
| I only worked for a month in the year 2008, will I have to file a tax return?... |
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 Has anyone actually gotten a stimulus "check"? |
| OK I'm begining to think these stimulus checks are a myth. My father's social security number ends in 00 and mine 05 and niether of us have recieved our check in the mail. I even checked ... |
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 If I have a job...? |
| If I have a job and I'm 15 years old do i have to pay taxes?... |
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 Federal minimum wage increase? |
ok so i actually do make minimum wage (actually 5.25, I'm a kid ) so does that mean im getting a raise and when will that kick in? thnx
Additional Details
i live in texas.... so ... |
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 Do I give the baysitter a 1099 form? I paid her over $7000 this year.? |
| She didn't work regular hours. Only when I needed her and she was available.... |
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 Would you report someone who earns money from children's clubs but does not declare it to the Revenue? |
I work in a school and have my own self-employed income - both of which are declared and tax and NI paid.
In the same school are 3 people who run weekly after school sports clubs for kids ... |
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 I filed my taxes on my own, and it said that I wasn't eligible for the rebate, can I....? |
| So I filed my taxes on my own on Turbo Tax.com and it said I wasn't eligible for the rebate that the government is giving out, however everyone else says that I am and that I must have entered ... |
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 8.25%- come on math people!!!? |
| i messed up at work and didn't charge tax on this transaction. the sale was for 100.00 + tax. it would be 108.25. so! what will be the amount if i lower the sale price and the total bill is 100.0... |
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 Can I still do my taxes? |
| can i still do my taxes, although its been 2 months pass the ... |
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 On average, how much do you spend to get your taxes done every year??? |
| and if you dont mind, can you tell me if your a house owner, own a business or anything else that is major that would effect your taxes. Thanks to anyone who answers...:)... |
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JessupX | I am a contractor and didn't save any money for taxes, what do I do? |
I made a good amount of money last year as a contractor, but due to complications in my personal life, I didn't have a chance to save anything for taxes. My friend suggested to use an extension, but it would seem that they want you to pay the full amount with it! (whats the point of an extension if you still need to pay???) I can't come up with the $12,000 - $14,000 I am going to owe, what do I do?
Additional Details
Ok thanks everyone for the input, I really appreciate it.
I just tried to apply for a loan, and was declined.
I don't have enough available credit to pay by credit card.
I don't own a home.
I think its too late for an IRA, since we are now in calendar year 2008. I don't think this would affect 2007 taxes.
Looks like the only option is getting a payment plan. :( |
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Pam H
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Call the IRS and work out a payment arrangement, or go to the bank and get a loan. The penalties and interest are so high you are better off getting a loan than ignoring this. You can also pay your taxes on a credit card. |
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Bill S
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You are correct - an extension gives you longer to file but it doesn't delay the payment. If you don't pay you'll get absolutely crushed on penalties and interest. You've got to pay your tax bill. I'd suggest looking at other areas where you can free up cash.
In the future, take your tax portion out of EVERY check you earn, and set it aside and pay your quarterlies on time, every time. |
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*****
 |
You should have thought about that then. Now you have to try and borrow it from a lending institution which charges a good amount of nterest, or from family or friends who are willing to lend it to you. |
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Judy1
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An extension only extends the time to file, not to pay, so that won't help you any.
If you don't have the money, file on time to avoid extra penalties for late filing. The IRS will set up a payment plan for you. It will cost you, of course, but unless you can come up with the money that's really your only option. |
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Alphageek
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When you file, also submit a request for an installment
payment agreement (IRS form 9465) as long as you
don't have any missing returns or outstanding tax issues
for previous years, they will usually work with you.
You will be hit with penalties and interest as part of the installment plan. |
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gobonzzo
 |
An extension is an extention of time to FILE, not an extention of time to PAY, and if you file an extension your estimated tax must be paid. If you are unpaid by filing time you will get hit with underpayment penalties and interest. You may have to get a home equity credit line or if you cannot do that, call the IRS immediately and see if you can work out a payment agreement with them. If you do not do this they will eventually do nasty things like simpy rip the money out of your bank account.
Another thing you could do, which might seem counterintuitive at this point, is to immediately get money somehow to stuff the maximum you can into a traditional IRA. What this will do is to partly eliminate your tax due, or in other words, you get the IRS to partially fund your IRA. So maybe by putting $5000 into an IRA you reduce your tax due by $1000, so in effrect you get $5,000 into an IRA for a net outlay of only $4,000. You have to do something, and this is one thing that MIGHT offset some of the pain. The pain will be there no matter what, but you may be able to tone it down just a bit.
By the way, the interest rate charged by the IRS is better than most rates on credit cards. The only downside to this is the penalties, which can get to 25% of the tax due, in your case as much as $3,000 or so.
ONce when the IRS was hounding me for money I asked if I could simply serve jail time instead. The agent just laughed at me. The IRS does have a sense of humor after all. |
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chatsplas
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Face the consequences of choices you made in 2007. You knew better--no excuses! They won't go away, so figure out how to pay. Get a payment plan going, and that requires a substantial down payment. |
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Iris R
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The IRS does take credit cards. Call them up first and see if you can get a payment plan. You might also speak to an accountant who knows your industry. Depending on what your expenses are you could have that amount lowered. The money you spend on an accountant is well worth it. |
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Mark S
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If you are a contractor, you're not supposed to save money to pay your taxes. Your supposed to file quaraterly estimated payments on April 15, June 15, Sept. 15 and Jan 15 (of following year) |
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Tin Can
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pay payments or have a new accountant look at it |
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