For the last couple of years I didn't file my federal income taxes because it was figured out that I owe and I wasn't able to pay at that particular time. How do I go about rectifying this with the IRS and will the penalties be real expensive.? I owe approx. 3,000..and that's not including taxes for 2006. Should I call the IRS?
2007-02-27 08:12:04 · 4 answers · asked by stella 2 in Business & Finance ➔ Taxes ➔ United States
Call the IRS, they can provide you with the W2/1099 information that they have on record for you for the missing years.
They can also order the forms that you will need to file the returns.
They are willing to work with your to get the returns filed and paid, if you are not able to full pay what you owe they will set up payment arrangements with you. keep in mind that there are penalties and interest charged when you owe.
Call 1-800-829-1040
2007-02-27 11:53:19 · answer #1 · answered by Anonymous · 2⤊ 0⤋
You might as well. Assuming this income has been reported to them, they'll be calling you at some point if you don't. Or you'll just get a bill from them for what THEY calculate that you owe.
Not filing because you don't have the money to pay just digs you in deeper. If you can't pay what you owe, they'll set up a payment plan, and yes you'll pay interest - but this way you still owe the taxes, the interest, and also failure to file penalties. And the longer you wait, the more you'll owe.
Good luck. You've dug yourself into a hole, but can fix it before it gets worse.
You need to increase your withholding, or pay quarterly payments, so this doesn't keep happening.
2007-02-27 22:20:32 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Go to a tax return firm and get your returns ready to file first for 2004,2005 & 2006. Then they can help you with the I.R.S. They do have a payment plan I know because I did the exact same thing several years ago. I ended up paying $100.00 a month for almost 5-years to settle my debt. But the good thing is that the I.R.S. was very helpful believe it or not. They want their money and as long as you work with the, you will be fine.
2007-02-27 16:21:30 · answer #3 · answered by ? 7 · 0⤊ 2⤋
well you may want a tax lawyer. depending on what you owe they have more power and may be able to negotiate a payment plan..You are however an idiot for not filing and most likely you will incur interest and penalties. Do not contact IRS yourself. if you don't want to involve a lawyer at lease go to a reputable tax office and let them file for you...Lets
2007-02-27 16:17:49 · answer #4 · answered by letsget_dangerous 4 · 0⤊ 2⤋