2007-11-29 16:31:47 · 7 answers · asked by gabagaba 2 in Business & Finance ➔ Taxes ➔ United States
Not sure what you are asking. Normally taxes are deducted from your paycheck, then if when you file your tax return you owe more, you are required to pay it by the deadline or owe interest and penalties.
The responder who said you can file for an extension to pay is NOT correct - you can get an extension to FILE, but the payment is still due on the original date or you'd owe the interest and penalties.
If you owe something like tax from previous years, overdue child support, of defaulted student loans, they will take your refund when you file your taxes if you have one, and apply it to the debt.
2007-11-30 01:42:17 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
I am assuming that you have an outstanding debt. If this is the case then the IRS can refuse to refund the expected amount.
However, if you are talking about filing a return when you owe additional tax...then the answer is no...they can't take it out of your bank...that soon. However if ignored in several years they can levy your account and freeze it and a court will decide.
Now to what the tax preparer student said...an extension does NOT extend the amount of time to pay your tax...it only extends the time to file the return without a late filing fee penalty. But if you owe money interest and late payment penalties will still apply.
The reason I even bothered to address that is because it is better to file a return (or extension) that you owe additional tax and cannot currently pay than it is not to file a return and file it late. That penalty is 1/2% per month or part of a month.
And if you wait until the next year to file it hoping the expected refund will offset the liability...you will have to pay a late filing penalty of about 6%, a late payment penalty of 6% (again 1/2% a month) and interest which is in the neighborhood of 6%. That is a total of 18%...the IRS doesn't have cheap rates.
And, yes it is compounded.
2007-11-29 22:25:49 · answer #2 · answered by Russ B 6 · 1⤊ 0⤋
If I understand correctly, you are asking if the IRS gets their money as soon as you file if you owe taxes. The answer to that would be not unless you pay them at the same time you file. You can file an extension to pay later, and even make payments rather than all at once. If you have concerns, you should see a tax preparer.
2007-11-29 16:36:19 · answer #3 · answered by apsuz73 3 · 0⤊ 2⤋
If you are due a refund but have not paid certain amounts you owe, all or part of your refund may be used to pay all or part of the past-due amount. This includes past-due federal income tax, other federal debts (such as student loans), state income tax, and child and spousal support payments. You will be notified if the refund you claimed has been offset against your debts.
2007-11-29 16:45:08 · answer #4 · answered by MukatA 6 · 2⤊ 0⤋
Yes. The IRS an pretty much do what it wants.
If you are claiming taxes then they are deducted from you paycheck, if I understand your question.
2007-11-29 16:39:12 · answer #5 · answered by Citizen1984 6 · 0⤊ 0⤋
Your question is garbled. People who have posted answers have had to speculate about what you are asking. Please rewrite your question more clearly.
2007-11-29 23:48:05 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Please be more specific.
2007-11-29 17:13:14 · answer #7 · answered by Baby Poots 6 · 1⤊ 0⤋