if you still have back taxes that you owe from the prevoius year when you go to file taxes this year will you have to pay it all in full because you still owe from before. i just heard that but i dont know if its true or not.
2007-03-26 18:29:16 · 2 answers · asked by sunshine24 2 in Business & Finance ➔ Taxes ➔ United States
No. If you owe taxes for 2005, when you file for 2006, you will have to figure out how to pay 2006. As a technical matter, each year stands on its own. The IRS probably would rather have you fully pay 2006 and work out a plan to pay 2005 over time. There are people who have posted on this site who are paying off their liabilities for several years ago. If you have a refund coming, expect the IRS to apply that to the liability from 2005. Hope that helped.
2007-03-26 19:21:25 · answer #1 · answered by mattapan26 7 · 2⤊ 0⤋
yes it is. pretty logical isn't it?
2007-03-27 11:57:16 · answer #2 · answered by Ovrtaxed 4 · 0⤊ 1⤋