I owe this year but am not sure how it all works. I was reading some information that said the federal government will send me information after I file. Because of the amount I owe, I may have a penalty charge because not enough taxes were taken out this year. Should I file but not pay my taxes yet and wait for the federal govt. to contact me?
2007-04-10 08:01:01 · 8 answers · asked by Liz 1 in Business & Finance ➔ Taxes ➔ United States
No. The IRS doesn't send out bills. You have to pay your taxes due, in full, by April 17, or you will start paying interest and penalties. You should send in a check for your taxes with your return.
Even if you don't file, your payment for the taxes you owe is still due by April 17.
2007-04-10 08:05:57 · answer #1 · answered by Lisa A 7 · 1⤊ 1⤋
The IRS will definitely contact you and send you a notice about the amount you owe, after they have gone over your return and the supporting documents. It may take them several months to do that, but eventually you will get a notice and you will have the option of making payments if you cannot pay the full balance due at that time.
You can very easily set up a payment plan now with the IRS and it would be much better than waiting for them to contact you. Here is a link you can use http://www.irs.gov/businesses/small/article/0,,id=108347,00.html to get more info and the form you need is form number 9465 which you can download from the link that I just provided.
Hope that helps. It's always better to go ahead and send in at least a small amount of what you owe along with your tax return because that shows you are at least making an effort to pay. :)
2007-04-10 08:19:30 · answer #2 · answered by MarineMom 6 · 0⤊ 0⤋
You should not have penalties because the deductions were shy. The usual rule is to pay estimated tax at least 90 % of the previous year.
You are required to submit payment by April 15. If you fail to do this, it could be some time before your return is audited and a statement of amount due is mailed to you. Interest will be computed on a daily basis.
2007-04-10 08:14:40 · answer #3 · answered by ed 7 · 0⤊ 0⤋
File a 1040, send a check for the amount owed. If you can't pay, call the IRS and set up a pyamern schedule.
It's not such a big thing.
www.irs.gov
2007-04-10 08:06:51 · answer #4 · answered by wizjp 7 · 1⤊ 0⤋
If you don't pay the amount due by April 17th then you will be charged penalty and interest on the amount due. This can be pretty hefty amount depending on how much you owe
2007-04-10 08:05:51 · answer #5 · answered by momma6 1 · 1⤊ 0⤋
Definitely file on time, or you'd have additional penalties for late filing. You can either contact the IRS about a payment plan, or wait for them to contact you.
2007-04-10 09:17:14 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
You should send payment with your taxes. Depending on what program you used (I can't speak for all of them) a page should have been presented with the address of where to send the check.
2007-04-10 08:04:14 · answer #7 · answered by Isis 2 · 1⤊ 0⤋
Send what you know you owe. If it is not right or something believe me they will let you know.
2007-04-10 08:10:34 · answer #8 · answered by Wilma S 4 · 0⤊ 0⤋