2006-12-28 14:56:06 · 18 answers · asked by suzyq 2 in Business & Finance ➔ Taxes ➔ United States
No. From IRS Publication 17, and probably a number of other IRS publications and instructions "You do not have to pay if the amount you owe is less than $1."
2006-12-29 05:00:22 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Yes. It is better to have the indignity of a 57 cent check than the problems associated with having your name on a follow-up list, accumulative fines (tax evasion), and the embarrassment of watching it grow into an income tax nightmare.
If you have not ever written a check for 57 cents, be sure to put a considerable decimal point in the numerical space [dollar box] and on the written numerical space, write "No dollars and 57/00.
Even though it is a small amount, the government is fairly autonomic and the unpaid files will be generated on a list for additional attention. It is better to just pay it and get it off your worry list.
Something else worth consideration is to have an income tax professional look at your return. If it is accurate, there is no charge. I believe that H & R Block performs that service at no charge if there are no errors. If there is even one error, however, they are unable to tell you what it is unless you agree to pay for their service. They will not keep your return and you may take it with you and research it further on your own; however, it could be to your advantage to have a professional review it just in case there are some options that most self-preparers do not know about.
Happy New Year!
2006-12-28 15:12:29 · answer #2 · answered by Anonymous · 0⤊ 1⤋
I know that may seem like a petty amout, but please don't take it lightly. If the IRS says that you owe them 57 cents, then by all means give to them. If not, that 57 cents will keep adding up to a large amount and then they will take it themselves from your bank account. Trust!
2006-12-28 15:05:31 · answer #3 · answered by MM7 4 · 0⤊ 2⤋
If you get a refund, it will be cheaper to let it lie there until you send in your 2006 return. Interest is not going to amount to the cost of a stamp and envelope.
If you owe,pay it with your next quarterly. At least it will save a stamp.
2006-12-28 22:42:43 · answer #4 · answered by skip 6 · 0⤊ 0⤋
Yes, but to be funny, write it for $.58.
They in-turn will have to write you a $.01 check as change, and this will cost them $.39 to mail. Think of it as your little way of sticking it to the man, especially since he made you write a check for $.57.
2006-12-28 15:06:31 · answer #5 · answered by rawlings12345 4 · 0⤊ 2⤋
Better pay it..they add interest daily...and it will add up quickly....especially with late fees and interest....it's odd though they usually only worry about whole dollar amounts......unless you did your taxes already......I suggest you do the round off way so it doesn't show up...........being I don't know how you found out.....you should call them....it may be a scam if it's an email or letter....you may be also be able to go to theri website and check what you owe...if any.
2006-12-28 15:10:33 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Yes, they will keep adding interest. Just send a check and be rid of the burden. You'll be glad you did.
2006-12-28 15:54:46 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Send a sack of pennies.
2006-12-28 15:13:22 · answer #8 · answered by ♥monamarie♥ 5 · 0⤊ 0⤋
Yes.
2006-12-28 15:03:14 · answer #9 · answered by jmp_omaha 3 · 0⤊ 1⤋
Write it for 62c, ask for them to refund you 5c, frame the cheque they send you!
2006-12-28 15:04:20 · answer #10 · answered by Anonymous · 2⤊ 0⤋