with my SS# on it of course - as one would mail a check in April...
will it still credit to my account?
I think I owe quite a bit, in back taxes -
I would rather start paying and then perhaps get an eventual refund, rather than try to save up enough to pay a lump sum (that'll never happen). I trust the tax system to keep good accounting, but if that's not the way the system works, I don't want to lose money.
2007-12-05 07:32:59 · 7 answers · asked by Abel Skivver 3 in Business & Finance ➔ Taxes ➔ United States
my income is such that I can't really pay in lump sums, but also, I've paid a bit in advance on bills when I'm able to pay incrementallay
2007-12-05 07:34:23 · update #1
Yes, you can send payments in weekly if you want to. The IRS will send you a bill monthly. Just remember, penalty and interest will accrue on the unpaid balance until it is paid in full.
If it is not paid in full by the time you file this year's taxes, the IRS will take as much of your refund to pay off the balance remaining.
Additional: I forgot to tell you to include "Income Tax" and the year you owe for. so they will know how to apply your payment.
2007-12-05 07:39:49 · answer #1 · answered by Mark S 5 · 2⤊ 0⤋
Presuming you are talking about 2006 tax: How much do you owe? If you owe a relatively small amount, you could send a check to IRS and they will cheerfully cash it. Send your check with a photocopy of one of the bills you received.
If you owe a large amount, IRS will send progressively tougher worded bills regardless of what you are paying. If so, you should call IRS and arrange an installment agreement. If you can pay in full within five years there will be no problem.
If you expect a refund on your 2007 return, you should file it as soon as possible. This is because IRS will apply your refund to what you owe as of the date the return is processed or April 15, whichever is earlier. You will save on late payment penalty and interest if you file early.
2007-12-05 07:42:09 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Contact the IRS and make formal arrangements to pay what you owe for back taxes, don't just start mailing checks to them. And keep your cancelled checks. .
Without a formal agreement in place that you are following as agreed to, you might end up with your wages garnished for the back taxes.
2007-12-05 08:14:01 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You may want to look into Electronic Federal Tax Payment System (EFTPS) online at the link below. I have used the system to make electronic tax payments and you can also pay old taxes, estimated taxes and set up reminder emails to yourself. It works very nicely.
Good luck!
2007-12-05 07:46:32 · answer #4 · answered by steveheremd 5 · 0⤊ 0⤋
Not weekly. Use Form 1040-ES to mail payments quarterly. Fourth quarter is due 1/15/08. You can estimate the whole year and pay then to reduce penalties for not paying quarterly when you earned it.
2007-12-05 07:40:55 · answer #5 · answered by spicertax 5 · 0⤊ 1⤋
You need to set up a payment plan with the IRS. Contact them.
2007-12-05 07:43:53 · answer #6 · answered by npk 7 · 0⤊ 0⤋
you show contact them and set up a payment plan or they won't know what you're sending them money for, plus you probably owe interest and penalty, which gets recalculated each month you still owe them money
2007-12-05 07:47:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋