English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

let's say i owe 5,000 dollars , will the I.R.S. let me decide how much i can afford weekly to be taken from my pay checks? I'm nervous that one day i'll get my check and owe myself money.
please help!!!!!!

2007-06-24 16:36:18 · 4 answers · asked by john g 1 in Business & Finance Taxes United States

4 answers

They will work with you, but you need to make the first move and set up arrangements before they garnish your wages. Call 1-800-829-1040 or 1-800-829-0922

Yes. If you cannot pay the full amount due as shown on your return, you can ask to make monthly installment payments. However, you will be charged a one time user fee of $105.00, as well as interest on any tax not paid by its due date, and you can be charged a late payment penalty unless you can show reasonable cause for not paying the tax by the due date (April 17, 2007 for individual income tax returns) even if your request to pay in installments is granted. Before requesting an installment agreement, you should consider less costly alternatives such as a bank loan.

2007-06-24 23:46:59 · answer #1 · answered by Anonymous · 2 0

Don't waste any time, the IRS is no regular bill collector! Contact them right away. Ask to set up a payment plan. Ask them to forgive any additional penalties and interest. You won't get anything without asking, but if you ask, you may find they like the cooperative spirit, and agree. Otherwise they could continue to accrue interest at a frightening rate, attach your wages, and try and confiscate any assets you have.
Then pay on time - all the time. You should know that even bankruptcy does not extinguish taxes owed, so get it done.

2007-06-28 21:16:29 · answer #2 · answered by Maggie Jeans 3 · 0 0

Yes but you will need to act quickly, they will make a payment arrangement but this is one that you better make sure that you stick with it because if you break it they will garnish you without warning until the entire debt is paid.

2007-06-24 23:45:48 · answer #3 · answered by Anonymous · 0 0

They'll work with you, but they won't just let you decide how much you can afford to pay them, they'll look at your financial situation and they'll tell YOU how much they expect from you per month.

2007-06-25 02:45:02 · answer #4 · answered by Judy 7 · 0 0

fedest.com, questions and answers