2007-09-30 19:00:50 · 6 answers · asked by Kristen S 1 in Business & Finance ➔ Taxes ➔ United States
A lot. Fees, Penalties, Interest, Prison. File now. If you cannot pay you can set up a payment plan. Talk with a CPA or Tax Attorney.
2007-09-30 19:05:46 · answer #1 · answered by Keith 6 · 0⤊ 1⤋
Best thing to do is to file your taxes right away. Send in what money you can. The IRS will let you know in about 30 days what you owe with penalties and interest. Think about getting a loan or using a credit card to pay off the taxes in order to stop the penalty charges.
2007-10-01 02:11:00 · answer #2 · answered by Ellen B 2 · 1⤊ 0⤋
You are not really in trouble, but you will have to pay their penalties and interest charges which is based on the amount that you owe. Did you not file because you didn't have the money, or for other reasons? They will send you a bill if you wait long enough, but it's always better not to get on their bad side. You can file a late return and pay them any amount that you can afford, which will reduce the amount of interest that you owe. It also shows good faith on your part to take care of your obligations. File your return and pay them whatever you are able and get them paid off as you can.
2007-10-01 02:16:53 · answer #3 · answered by jammer2 1 · 2⤊ 0⤋
File immediately, the more you wait the more late filing penalties you will have to pay.
file your return and sent whatever amount you can if you owe and then ask for an installment agreement. you will have to pay $105.00 user fee, and when you file you return next year and you still owe the refund will be applied to any taxes you owe IRS.,
2007-10-04 22:33:31 · answer #4 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
When you do file, or when the IRS catches up with you, you'll have to pay interest and penalties in addition to the tax you already owe. These are added on every month, so it would be in your interest to file soon.
2007-10-01 02:08:14 · answer #5 · answered by Judy 7 · 2⤊ 0⤋
It will be in your best interest to settle with the IRS. I would contact them. The longer you wait the more you will pay. You will be facing penalties and interest. How about your state taxes?
2007-10-03 12:26:43 · answer #6 · answered by Gary 5 · 0⤊ 0⤋