Because my employeer didn't with hold enough, it looks like I might owe about $275 in federal taxes. I really don't have the money to pay this. If I don't file, is anything really liable to happen?
2007-01-28 08:32:37 · 17 answers · asked by Toney D 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
You might have to pay back taxes plus interest in coming years. If you don't have the money to pay, I would recommend getting in touch with the IRS to talk about the situation. Many times they will allow you to set up payment plans so that you can make payments you can afford. I wouldn't recommend not paying it because you probably will get caught (it's against the law) and it's not worth it when there are other options available.
2007-01-28 08:37:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
101% something will happen. The government is slow about everything EXCEPT about taking your money. You can expect a letter from the IRS warning you, another threatening letter, then you can expect a knock on your door. The money owed will be multiplied as a penalty and you WILL pay it. They will garnish your wages, anything, to get that money, put you in jail. FIRST I suggest fixing your W4, have them take out extra money so this doesn't happen again next year. Look over your taxes and make sure you filed it right. And I guarantee you, they will not skip over this. You cannot get away from the IRS, you can request an extension, but you MUST RESPOND. Sticking your head in the sand like an ostrich will only make things 10000x worse.
For 2007, you have until April. So if you forgo the Starbucks and shopping, etc.... $275 is NOT HARD TO COME UP WITH, in four months. Hell, stand on the street corner and beg and you'll come up with most of it in a few days. Just file last minute (be responsible and go to the post office and get it registered and guaranteed delivery so it doesn't get 'lost' in the mai) and mail in your check. Pay them. You will regret it if you don't.
2007-01-28 08:41:32 · answer #2 · answered by HE'S NOT INTO ME 4 · 0⤊ 0⤋
If you don't file - yes, something will happen. They'll catch it, for sure, then you'll not only owe the taxes, but also interest and penalties. And if they don't notify you for a year or so, and they might not, that can really add up.
Go ahead and file. If you don't have the money to pay, just file and if you can, send a check for part of what you owe. They'll set up a payment plan for you to pay off the rest.
Be sure to adjust your W-4 with your employer so enough is taken out in 2007.
2007-01-28 08:48:32 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
The IRS will hunt you down like a rabid dog.
No seriously, you need to do the following get a second job or third job.work till you can't and then get up and work some more.
YOU got until the 15th of April to file with the extra money included so there is no real problem.
After that you need to get some more education on taxes and how to make more wages. nobody is sold into minimum wages.
why should you.
LJ1 has it correct if you got to (no real reson needed) you file an extension to pay until August some time. just go to work more get it over.
2007-01-28 08:45:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you don't file your taxes they will catch you and you will receive a fine/penalty and maybe ever prison... I know someone that did that..
When you fill out your W2 claim 1 or 0... unless you have a family. (contact the payroll clerk at your job) If you are single, I would suggest claiming 0 to keep the fee down from paying at the end of the year.. You can also add more monies toward your W2 to keep from paying at the end of the year (and you might get some back in tax return).
About the amount you owe now, you can, I think, pay it through out the year by adding it to your W2.. (might check with a tax preparer on this).
2007-01-28 08:41:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Nothing will happen in the first year. You will be forced to pay outstanding tax debt in 08 (if you are entitled to a return) if you owe again, the IRS will begin the collection process, this starts with letters, then certified mail and eventually they will garnish your pay (usually between 10%-20% of your income)
You can set up a payment plan with the IRS right now and not risk having them take action, you can set a payment at as little as $10 per month.
Good Luck!
2007-01-28 08:43:03 · answer #6 · answered by ajtdc2006 1 · 0⤊ 0⤋
Then you continue to suck the life out of and be a drag on your community... your employeer only withholds how much you tell them to due to the fact that you fill out your tax papers. Looks like your gonna have to go without a paycheck or work some more hours... you have till a little bit to come up with the funds.
2007-01-28 09:07:54 · answer #7 · answered by Chris 3 · 0⤊ 0⤋
Best case scenario: the IRS will fine you. Worst case scenario: you will go to jail. The best thing to do would be to file for an extension, and try to get the money together in the meantime.
2007-01-28 08:42:32 · answer #8 · answered by lj1 7 · 0⤊ 0⤋
Yes...you will be in deep doo doo. File your return and borrow the money to pay it. Otherwise they will charge fees and interest and the amount will end up much higher and they will garnish your wages accordingly.
2007-01-28 08:37:07 · answer #9 · answered by fade_this_rally 7 · 1⤊ 0⤋
Yes, you WILL get caught. It may be later rather than sooner, but they WILL find you.
Ask a tax pro what to do. They'll advise on how to work with the IRS.
2007-01-28 09:23:13 · answer #10 · answered by ckm1956 7 · 0⤊ 0⤋