 How many people will not get a rebate check because they owe the IRS.? |
| The reason why I'm asking is because if a huge number of people that are suppose to get a rebate check already owe the IRS, then this economic stimulius package does the economy no good. Seeing ... |
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 Can you make corrections to already-submitted taxes? |
| I did my taxes last night using taxact.com - I already received an email confirming that my taxes were received and approved. However, today I received another 1099 form in the mail for some ... |
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 I helped a friend prepare her taxes and she gave false information. Am I responsible? |
| I assisted a friend in preparing her taxes. I was given false information and now I find out that she is being audited and the IRS says that she owes over $9,000 in penalties and taxes. Can I get ... |
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 Tax Question: Single Mother, two children, home owner, and earns approximately $54K.? |
| All of the years I have filed taxes. I have basically received all of my money back. I saw on my paystub that the Federal Government has taken out about $7,900 in taxes and the state (RI) took out ... |
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 Why does the IRS pay people more than they pay in? this is fraud? |
| i believe you should only get back up to the amount you pay in. unemployeds or low income people get back plenty, thousands---while those of us who work everyday pay out of our checks and at tax ... |
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 My husband left me and my son, what do I claim on W4 ? |
| I dont know where my husband is, he walked out on me and my son. We are still married and im going to start working full time ad im unsure of how to fill out my w4. I intend to claim my son for next ... |
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 If you get audited by the IRS and are guilty of a deduction that you can't prove, what happens? |
| Do they just remove that deduction and reconfigure your totals or do you have to pay a penalty for not being able to support your deduction?... |
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 Dose anybody really pay 30% taxes? |
| They say companys pay 30% taxes dose anybody here pay that?... |
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 Why do I have to pay taxes on a house or a land that I owned? It is ridiculous and unfair!? |
| If I own a house then every year I have to pay $3,000 or $4,000 in taxes sometimes more (depend on the house value) then it's the government's house not mine. Why do I have to pay taxes on ... |
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 Can I claim my girlfriend as a dependent on my taxes? and what about her kid? |
My girlfriend has lived with me all of 2007, she had no earnings. I have paid the house payments and all the bills. We are not married.
She has a 2 year old daughter that also lives with ... |
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 Ive been summoned for not paying council tax? |
| I am a student living in Heaton Newcastle and I recently recieved a letter summoning me to court for not paying my tax? I didn't know I had to pay taxes and I'm pretty sure I don't, ... |
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 If I earned $500 in '07, and paid $4,000 in tuition & supplies, can I write them off? |
| In 2007 I wanted a career change and took a certification course at an institution and paid $4000 for tuition & fees. After completion and job hunting I never found suitable employment so I ... |
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 Y is every thing goin' up? |
| Y is gas prices, food prices, and everything else going up? Y do the charge more taxes. Gas used to b like $1!!Cuz soon gas is going to go up 2 $5. And food goes up EVERY single week!! Wats up wit ... |
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 Income tax question? |
| We just did our taxes this week but when we send them in the mail two days after we got a income form that we forgot to report it is just 95 dollars do you thinks we need to do them again or is not ... |
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 How can I minimize taxes owed for 2006? |
| After completing my 2006 Federal taxes, I owe $1,000. Can I invest this money in my retirement instead of paying the government? If so, how and when is the deadline?... |
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Chad F | I have just filed taxes for 2005 and 2006. i owe about $5,000, will i be able to make payments? |
it is october 2008 now. |
 |
 
wartz
 |
As long as the balance due is under $25,000 and you have filed all the other tax returns you owe--this means 2007--you will automatically be granted an installment agreement if you can pay in full within five years.
As a real rough estimated, penalties and interest will add about 50% to what you owe and it will take about $22 per $1,000 so a payment of about $165 per month will cover it.
I suggest asking for the minimum payment to give yourself flexibility then sending more when you have it to cut down the accrual of penalty and interest. |
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Charles G
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If you cannot pay, you can ask for an Installment agreement. For that dollar amount (assuming you are a 1040 filer) approval is automatic, as long as it will pay off the liability in five years, say about $100 a month. More would be better.
The agreement charges $105 (added to the total) and interest and penalties will still be charged, although with an installment agreement penalties are half what they are without an agreement.
You can apply online http://www.irs.gov/individuals/article/0,,id=149373,00.html, or see the link for more info. |
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Andi, HR Specialist
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Suze Orman just answered this on TV tonight. She said to the person:
DO NOT make payments to the IRS because they can take everything you have in case you can't make payments. Also they charge very high fees and interest apparently.
She said to use a low interest credit card or, if possible, to take a home equity loan or something like that and it may be tax deductible.
This was her basic answer, but check with a tax attorney for a small fee or an expert. |
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Judy1
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You'll be far better off if you figure out a way to pay them in full, but if you can't do that, you can set up a payment plan. |
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v b
 |
As for the post about Suze Orman...
Well, if you get on a payment plan and STICK to, you pay 9% in penalties and interest. If you default and have to reinstate, the rate jumps to 18%.
Compare these rates to your credit cards. Some credit cards charge 30% so they would NOT be a better deal. |
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Ms. Angel..
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If this is your federal tax returns you just filed and owe then visit IRS website www.irs.gov and download from 9465 Installment Agreement request. The minimum payment IRS will accept for $5K bal due is $85.00, but you should try to pay more because of interest and penalties rates.
Here is some information from the IRS website FAQ's:
Can I make installment payments on the amount I owe?
Yes. If you cannot pay the full amount due as shown on your return, you can ask to make monthly installment payments. However, you will be charged a one time user fee of $105.00, as well as interest on any tax not paid by its due date, and you can be charged a late payment penalty unless you can show reasonable cause for not paying the tax by the due date (April 15, 2008 for individual income tax returns) even if your request to pay in installments is granted. Penalty will be charged until it reaches 25% of the original balance due and interest will be charged until the account is fully paid. Before requesting an installment agreement, you should consider less costly alternatives such as a bank loan.
To request an installment agreement send Form 9465 (PDF), Installment Agreement Request, with your return or call (800) 829-1040. If you call you can also request a direct debit agreement or a payroll deduction agreement. You should receive a response within 30 days if you submit the form with your return. For more details on installment payments, refer to Tax Topic 202, What to do if You Can't Pay Your Tax, or Publication 594 (PDF), Understanding the Collection Process.
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g-ma
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definitly ,as long as its under 10,000 they cannot refuse time payments !!!!! |
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John Scott
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Of course. You have several options, including paying online or via the telephone through the EFTPS system (www.eftps.gov). You can also pay through 3rd party credit and debit card vendors who charge a small fee. Or you can simply mail a check or money order or drop it off at a local IRS office.
The IRS can give you up to 120 days to pay the balance. If that's not possible, you can pay by installments. There is a $105 one-time user fee ($43 if you qualify as low income). In addition to the payment methods noted above, you can make installment payment through payroll deduction if your employer allows it or through direct debit from a checking account. You will have to have 2007 filed for sure and possibly 2002-2004 if you haven't already.
The amount you will pay depends on how much you will owe after the penalties and interest is asssessed. If $5000 is all you owe, the minimum payment will probably be close to $150/month. If you can't afford this, the IRS will take a financial statement from you to determine your ability to pay. Be aware, though, that if this analysis shows an ability to pay of more than the minimum amount, you will be required to pay it. If it's less, they will have to file liens--and those will affect your credit rating. |
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Wasted Time
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Go to www.eftps.com
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