I need to know what happens if you do not pay what you owe when you turn in your tax forms since an extension doesn't help that. I don't owe very much but I have absolutely no form of income and don't have any money to pay. Don't say its because I'm lazy either, I have a panic disorder that keeps me from holding a job. Please, any advice on what to do? Thank you guys!
2007-04-15 20:36:20 · 7 answers · asked by shedevilnotunknown 3 in Business & Finance ➔ Taxes ➔ United States
The important thing is that you FILE on time! The penalties are big (5% per month) for not filing on time.
For not paying on time, you will incur a penalty of 1% each month that you have an outstanding unpaid balance.
2007-04-15 20:43:26 · answer #1 · answered by Michael H 5 · 2⤊ 1⤋
I suggest you connect with the Tax Department and explain your plight to them. Seek further extension and work towards repaying the owed amount.
2007-04-16 05:20:07 · answer #2 · answered by SGElite 7 · 0⤊ 1⤋
I had a client that called the IRS to say she couldn't pay yet.
They sent her this form to fill out.
http://www.irs.gov/pub/irs-pdf/f1127.pdf
The 4868 Extension is only an extenstion of time to file.
2007-04-16 08:52:05 · answer #3 · answered by Mark S 5 · 0⤊ 1⤋
File your tax return. The IRS will contact you about making payments, or you can call them to set it up.
2007-04-16 12:26:35 · answer #4 · answered by Judy 7 · 1⤊ 1⤋
You can set it up to make payments. There's a little bit of a fee for that but it isn't to much.
2007-04-16 03:39:10 · answer #5 · answered by Anonymous · 2⤊ 1⤋
Pay as much as you can. They will charge you interest until you pay the rest.
2007-04-16 03:48:07 · answer #6 · answered by Melinda 3 · 0⤊ 1⤋
You said an extension doesn't help. I thought that's what an extension did - makes you able to put off paying the whole amount. Go to IRS.com, or whatever it is, and look it up.
2007-04-16 03:40:27 · answer #7 · answered by Anonymous · 0⤊ 5⤋