If you owe the state and federal government, do you have to submit the payment at the same time you file your form 1040 or whichever form you file?
2007-04-04 17:09:32 · 11 answers · asked by Laura D 1 in Business & Finance ➔ Taxes ➔ United States
The payment of taxes is due on the filing date. Even if you file an extension, you are still supposed to send the IRS an estimate payment of the taxes due. The extension is only for the paperwork, not the cash.
2007-04-04 17:26:08 · answer #1 · answered by A5150Ylee 4 · 0⤊ 0⤋
Any balance due is due as of the FILING DEADLINE for that tax year (Typically April 15th, but April 17th this year). This is true regardless of when you file your return, even if you request an extension. For example, if you owe $300 when you file your taxes and you file on February 15, 2007, you need to mail payment to the IRS by April 17, 2007 to avoid penalties and interest. If you owe $300 and file on July 15, 2007, the $300 payment needs to be mailed by April 17, 2007 (along with a request for an extension to avoid penalties and interest). If you file early, then yes you do have a "grace period" to pay. If you file late, you should have already mailed what you think you are going to owe by April 17th.
2007-04-06 19:45:31 · answer #2 · answered by Amy F 3 · 0⤊ 0⤋
Pardon me but Ha ha ha ha hhaaaaa. Grace period and the irs do not exist. Even if you file an extention, you are required to pay. Otherwise they will charge you interest for not paying and there is a fine for not filing on time-unless you get that extention. But they want that payment sent with the extention. It's time to start begging and you can work out terms but you really don't want to do that if you can get the cash anywhere else just short of robbery. Once the irs gets your number they just keep coming. Sorry to give you the bad news.
2007-04-04 19:15:39 · answer #3 · answered by towanda 7 · 1⤊ 1⤋
The money is due on April 15, regardless of whether you file in February or wait until April 15.
Personally, I calculate my taxes in February.
That way if I'm due a refund I'll file it quickly.
But if I owe, then I'll sit on the paperwork until April 15.
2007-04-05 10:32:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You may send in an "installment agreement request" with your taxes if you are unable to pay them in full. An extension does NOT extend your time to pay any taxes due, only for filing your return. There is no grace period; period.
2007-04-04 17:21:39 · answer #5 · answered by fearslady 4 · 0⤊ 0⤋
No, but it is best to. There may be penlties and interest if you pay late. You can file an extension and that will give you till like August. But there are a ton of deductions and things that may make it where you do not have to pay. Try consulting a tax professional.
Good Luck!!
2007-04-04 17:15:15 · answer #6 · answered by Miss Know It All 6 · 0⤊ 0⤋
The interest is 6% per year so even a week is only a $1. The failure to pay penalty is around $3 for month 1.
2016-05-17 08:49:44 · answer #7 · answered by ? 3 · 0⤊ 0⤋
Of course there is a "grace period". The entire year that you worked is your "grace period". Then the government gives you until April 17th to
file and pay your taxes.
So why are you complaining?
2007-04-06 03:11:55 · answer #8 · answered by bold4bs 4 · 0⤊ 0⤋
Yes, even if you file an extension, payment is due.
2007-04-04 17:28:13 · answer #9 · answered by jrtcpa@sbcglobal.net 2 · 0⤊ 0⤋
File for an extension and you'll have a date if nothing is due at first.
2007-04-04 17:15:42 · answer #10 · answered by RED 2 · 0⤊ 1⤋