if i owe income taxes ... and don't have the money right now ... can I file an extention then pay what I owe later?
Or do I have to pay the due taxes by 4/17 then reconcile by 10/15???
2007-04-14 13:17:27 · 4 answers · asked by simply_made 4 in Business & Finance ➔ Taxes ➔ Other - Taxes
OK ... my question is ... If I get an extention on my taxes ... do I still pay on 4/17 or do I pay by 10/15??
2007-04-14 13:56:24 · update #1
Best to file. They will send you a bill and you can make payment arrangements. Don't put it on a credit card, it will cost a whole lot more. There is a penalty and interest for not paying timely. There is also an additional penalty and interest for not filing timely. Good luck.
2007-04-14 13:41:10 · answer #1 · answered by lcmcpa 7 · 3⤊ 0⤋
If you owe taxes you must pay by 4/17 to avoid penalties and interest. Even if you file an extension, you still are obligated to pay by 4/17. If you cannot pay, there is a form to send in with your taxes for payment arrangements. Keep in mind, the penalties and interest are high and paying off the taxes should be a top priority. Hope this helps!
2007-04-15 11:55:53 · answer #2 · answered by whatshe_wants 1 · 0⤊ 0⤋
You can efile or send them in in paper form. Then take your copy of the return and go to your local tax office. When you are there set up payment terms with them. You can pay in intallments. You will have to pay interest as in a loan but they will do that. Next year have more taken out as you go and avoid the big payment at the end of the year. Interest and penalty are like throwing your money away.
2007-04-14 20:24:53 · answer #3 · answered by RobertB 5 · 0⤊ 1⤋
you can file an extension through the IRS
2007-04-14 20:21:31 · answer #4 · answered by Anonymous · 0⤊ 1⤋