and can i just let them take it out of my return for the upcomming year?
2007-08-19 06:43:22 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Only one allowed now.
No, you can not take it from the next year.
2007-08-19 09:18:02 · answer #1 · answered by slave2art 4 · 0⤊ 0⤋
Conflicting answers above. You get one extension of time to file to 10/15/07. Make sure you mail your return by then or you will be assessed late filing penalties. You will owe late payment penalty and interest from 04/15/07 for any balance due. Because it takes some time to go through the billing process, it will be spring 2008 before crunch time arrives. IF you have a refund on your 2007 return, it will be offset to any balance due for 2006. It would be better for you to change your W-4 and reduce your refund and send the money now. This is because you are charged late payment penalty and interest until IRS gets your money. Any 2007 refund would be credited as of 04/15/08 unless you file your return real early.
2007-08-19 08:12:17 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The extension gives you more time to file your return. The taxes were still due April 17, 2007. You have been accumulating interest and penalties since that date. Another extension would not change that. If you don't pay before your next tax return, they WILL keep any return to put toward what you owe.
2007-08-19 13:45:40 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Well your extension for 2006 ran out on 8/15 so you should have gotten the extra extension already but you can request an additional extension. No they will not take it out of your return for 2007, because one you owe it now and two why would you assume you would get a refund for 2007, if you are getting a refund you are having to much in taxes wihheld and should adjust your exemptions on your W4. You will owe interest on the money that you have due the IRS from 4/15 until you pay it.
2007-08-19 07:17:44 · answer #4 · answered by Anonymous · 0⤊ 2⤋
greater clarity ...
your final tax deposit for 2006 was due on Monday, April 16th 2007. interest and late payment penalties began to attach on the 17th.
an extension is only an extension of time to file the paperwork, not an extension of time to pay the tax. extensions are now for 6 months, so your return is due Monday, Oct. 15th in the mail.
the IRS might make a deal on paying your overdue tax in installments ... and you have to ask for this. It does not have to be granted. You are responsible for managing your finances well enough to make your payments.
Afaik, IRS will not allow you to pay nothing more until 2008 [when you next return is due]. That just does not happen. Quarterly payments are the longest I've ever heard of, and interest and penalties apply and will be collected.
the only 'out' I know of is to file bankruptcy. And the bk courts have orders under the law to pay your tax bills first and all your other creditors afterward.
:(
2007-08-19 06:57:55 · answer #5 · answered by Spock (rhp) 7 · 1⤊ 0⤋
There is no extension to pay your taxes. If you owe, interest is accruing even though you haven't filed.
Your extension is for six months, there are no second extensions like there used to be.
So you have until October 15 to file your taxes and deal with the tax bill.
2007-08-19 06:48:04 · answer #6 · answered by ninasgramma 7 · 0⤊ 0⤋
Sounds painful David.
2007-08-19 06:46:52 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Yes, have your accountant do it for you.
2007-08-21 15:08:06 · answer #8 · answered by Jovesash 4 · 0⤊ 0⤋