I have been laid off my job for 2 years and owe back taxes! I have no income but the IRS expects me to still pay them! What can I do to get out of this!
2007-02-16 15:42:16 · 6 answers · asked by bb 1 in Business & Finance ➔ Taxes ➔ United States
You can request a hardship hold be put on your account, you will still owe and penalties and interest will still accrue, until you are solvent and able to pay then..I
f you cannot full pay your tax liability in a lump sum, the IRS offers a payment by installment option. An installment agreement would allow you to make a series of payments over time. Installment agreements may be set up in various ways:
Direct Debit from your bank account,
Payroll Deduction from your employer or
Regular Installment Agreement
If you enter into an installment agreement, your payment amount should be based on your ability to pay and should be an amount that can be maintained over the duration of the installment agreement.
Direct debit or payroll deduction installment agreements provide an opportunity to make timely payments automatically, and therefore, these payment methods reduce the possibility of defaulting your agreement.
To request an installment agreement, when you are filing a tax return for which you are not able to provide full payment , you may submit Form 9465 (PDF), Installment Agreement Request, or your own written request for a payment plan, attached to the front of your return.
To request an installment agreement after your return has been filed and you have been billed (you received an IRS balance due notice), you can use the Online Payment Agreement (OPA) application or you may submit Form 9465 or your own written request for a payment plan, attached to the front of your return or bill.
You will need to specify the amount you can pay and the day (1st-28th) you wish to make your payment each month. The IRS will respond to your request, usually within 30 days, to advise you that:
your request is approved
your request is denied or
additional information is needed
2007-02-17 00:08:49 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There are tax lawyers that can help you. they of course want to help people that can pay a part of what they owe so they can make something but, they may be able to steer you in the right direction. So, call. Also, call the IRS and explain that you have no money. Do you have assets? They can put a lein on any pproperty you have if they want to. You have to talk to them and how are you living with no job? They will want to know...it seems impossible to pay bills with no money. If you can show them you have nothing and have no income they may give you time to get a job and then take payments on the owed amount. that is what you have to do. Pay. Talk to them. Be honest and sincere and make some kind of arrangement with them for when you do have income. Shoulf have paid when it was due. Good luck.They are pretty reasonable, they want money not things unless they have no choice. Lay offs do not last for 2 yrs. you aren't collecting are you? So, you have to get a job or how do you live? They will want money or your home or car...that simple. A tax attorney may get them to settle for a lot less than the owed amount...he will get something for the effort. You can try yurself but you need some money to nake the deal. simple as that too. May have to borrow.
2007-02-17 00:00:05 · answer #2 · answered by MISS-MARY 6 · 0⤊ 1⤋
you cant.
the taxes are for the money you made over the past two years.
if you spent the money that should have ben earmarked for taxes, you need to make up that money and pay. try talking to a CPA and find out how much is tax deductible and if you need more time to figure everything out make sure to file for a time extension.
is you are 1099ed try to put about 30% of your gross income into a savings for taxes. (you should save more because you actually have to not only pay the federal and state income taxes, which depends on your tax bracket, but you have to pay your side of the FICA tax (7.5%) but also the other half that would other wise be matched by your employer if you were on a W-4)
2007-02-16 23:55:06 · answer #3 · answered by Erik N 4 · 0⤊ 1⤋
you cant get out of paying the taxes but you probably can get out of paying the interest and penailtiesif and only if you have be compiant with the tax laws and filed and paid your taxes for the three years before the year that you owe taxes for. Good luck and sorry to hear bout that.
2007-02-17 01:25:14 · answer #4 · answered by D 2 · 0⤊ 1⤋
Try talking to them again or an expert like a taxes agency or try a lawyer especially for taxes. good luck.
2007-02-16 23:46:12 · answer #5 · answered by WENDY D 2 · 0⤊ 1⤋
get a job and pay the back taxes?
2007-02-17 00:25:53 · answer #6 · answered by Judy 7 · 0⤊ 1⤋