i owe $800 from last year 2005 will the irs keep the $800 dollars that i owe when i file my 2006 tax returns?
2007-01-15 17:26:03 · 9 answers · asked by yp_nicole_charlotte_976 2 in Business & Finance ➔ Taxes ➔ United States
Yes they can....and most likely...you will suffer penatlties if you did not pay them your quarterly payments (if you have set that up).
My suggestion is to speak with an IRS agent to see of reducing your penalties. I work in taxes and I know my boss meets with agents to work out settlements. I have seen where a corps or individuals may owe $150K in penalties but with the CPA's they may get their pentalities reduced to 120K. But then I do work for some of the most elite firms in the Nation.
2007-01-15 19:14:00 · answer #1 · answered by mailjunkie123 3 · 0⤊ 0⤋
I know it’s a bummer but this really is the way you want it to be. Not filing taxes this year might make it even worse for you. The IRS is a group you do NOT want breathing down your neck!! Get it over with before any more time goes by. There is probably free tax help in your area.
2007-01-15 17:49:24 · answer #2 · answered by eccentricmommy 3 · 0⤊ 0⤋
You recommend tax REFUND. Your tax return will stay with the IRS -- a tax return is what you report. Federal refunds won't be able to be offset for state costs different than state earnings tax costs. considering that's not a state earnings tax debt, your federal refund is secure. while you're due a state refund, state regulation will confirm if it is undertaking to offset for community belongings taxes. Many states do enable state refund offsets for state costs or perhaps for inner maximum costs in some circumstances.
2016-10-20 06:52:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Get "real".....THINK.
If someone that owed "YOU" $800 did $1200 dollars worth of work for you....wouldn't you subtract the $800 off the $1200 bill and pay them $400 ?
....or would you be foolish enough to pay the $1200 and hope they pay what they owe you someday?
2007-01-15 17:38:43 · answer #4 · answered by Anonymous · 2⤊ 0⤋
the IRS can and will keep as much as it needs to pay the back taxes. every year. until paid in full. you might as well file, because do you really want to deal with liens and garnishments down the road when your tax refund could have paid it? accumulate more penalty's and interest?
2007-01-15 17:36:26 · answer #5 · answered by Jen 5 · 2⤊ 0⤋
I think that sometimes it takes a few years for them to catch up with it. At least that's how it works for local tax. I never had to deal with owing federal taxes.
2007-01-15 17:32:08 · answer #6 · answered by Kim 3 · 0⤊ 2⤋
yep you can bet on it and don't forget to include the interest that their charging you if there is anything left after their deduction they will send a check for the remainder
2007-01-15 17:36:23 · answer #7 · answered by youhoo it's me 4 · 3⤊ 0⤋
Yes they will.
2007-01-15 17:35:19 · answer #8 · answered by charlie at the lake 6 · 0⤊ 0⤋
sure will
wouldn't you do the same thing?
2007-01-15 17:40:53 · answer #9 · answered by Anonymous · 0⤊ 0⤋