I owe taxes from 2006 to federal and state. I didn't have the money to pay them.
2007-10-27 10:49:57 · 7 answers · asked by Rod M 1 in Business & Finance ➔ Taxes ➔ United States
By now you have received notice from IRS to pay. If you can't full pay, IRS will take payments. You have 60 months to pay off your debt. The minimum payment accepted is $25.00 per month. If you have it taken from your checking out there is a User Fee charge of $52.00. If you make payments by mail the User Fee charge is $105.00. Or even a payroll deduction installment agreement, if your employer accepts them, your employer will take the money from your pay and mail the payments to IRS for you. The installment agreement user fee is a one time fee, unless you defaulted your installment agreement then you are charge a reinstatement fee of $45.00. Complete form 9465, or if you prefer call IRS at 1-800-829-0922 or 1-800-829-8374 and set up an installment agreement over the phone. You can also visit IRS website: www.irs.gov to set up an installment agreement. When you file your return next year, if you are getting a refund, it will be offset to pay your remaining balance, even if you have an installment agreement the refund will be applied to your balance. Call today and get a payment plan, its better than having IRS garnish your wages, putting liens or levys on your accounts.
2007-10-27 14:40:44 · answer #1 · answered by Ms. Angel.. 7 · 2⤊ 0⤋
Any refund you have will be applied to what you owe for a previous year. I recommend you file as soon as possible because for interest and penalty purposes, you will get credit for the refund on the date your return is processed through the IRS computers or April 15, whichever is later. You will save a few bucks by filing early.
2007-10-27 21:07:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you owe from a previous year and have a refund coming this year, they'll most likely take your refund and apply it to what you owe - then if there's anything left over, then'll send you the rest.
2007-10-29 18:50:03 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Your debt will continue to attract penalties and interest until it's paid. If you have a refund coming for 2007 when you file, it will be captured and applied against your debt.
You need to contact the tax authorities and work out payment plans. If you don't, they'll eventually attach your wages and forcibly collect the debt that way. At least if you work out a payment plan you'll be in the driver's seat and will be able to budget for the payments.
2007-10-27 18:06:54 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 1⤋
You are being charged intereston it as long as you don't pay it. The IRS can come in and freeze all your assests. Take anything and everything you have and auction it off. Any shortfall, you still owe, and still pay the interest on.
its a no-win situation for you.
2007-10-27 18:02:56 · answer #5 · answered by mikebtt_1 3 · 0⤊ 0⤋
The longer you wait the more you'll pay. Pay now.
2007-10-27 18:13:04 · answer #6 · answered by Gary 5 · 1⤊ 0⤋
if you filed this year and end up getting anything back they will take it and give you the rest.
2007-10-27 17:54:15 · answer #7 · answered by csiintraining2006 2 · 0⤊ 0⤋