Search
Latest topics
Useful Links
- American 99ers Union
- Unemployed Friends 2.0
- Extend Unemployment Benefits
- Help the 99ers on blogspot
- Layoff List
- Now Jobless/Next Homelss
- Philadelphia Unemployment Project
- Reach Out Job Search
Tier 5 to Survive Unemployment Unite- Unemployed but Organized for the 21st Century
- Unemployed Workers Action Group
Union of Unemployed- http://helpthe99ers.com/
- www.NELP.org
Who is online?
In total there are 3 users online :: 0 Registered, 0 Hidden and 3 Guests None
Most users ever online was 288 on Sun Jul 04, 2021 4:30 pm
Can’t pay your taxes? File your return or pay more
Displaced American Workers United - The web's most active unemployment forum. :: Resources and Assistance for the Unemployed :: Taxes
Page 1 of 1
Can’t pay your taxes? File your return or pay more
Can’t pay your taxes? File your return or pay more
"
Here’s some important facts if you owe and can’t pay:
— Filing for an extension doesn’t help. Although
you’ll have another six months to file your return, you won’t have
additional time to pay any taxes due.
— Expect a penalty if you file a return without a
payment. The Internal Revenue Service will charge 6 percent interest on
the amount you owe, plus a late payment penalty — typically 0.5 percent
per month.
— Inaction will cost much more. The late-filing
penalty is 5 percent per month, on top of the late payment charges.
That’s $50 a month for every $1,000 owed, just for failing to send in
the paperwork.
It makes far more sense financially to file your return and request a payment agreement.
If you e-file and owe less than $25,000, you can
arrange a payment agreement online at www.irs.gov . You may also arrange
a payment plan by talking with an IRS agent on the telephone, or in
writing.
“They’re extremely lenient, so long as there is a
clear effort to pay,” said Matt Becker, a tax partner with accounting
and consulting network BDO in Grand Rapids, Mich. He said it is
sometimes possible to get penalties waived as well, because the IRS will
take individual circumstances into consideration.
A payment agreement will halt collections, a process which can create more serious problems."
http://newssun.suntimes.com/business/4754018-420/cant-pay-your-taxes-file-your-return-or-pay-more.html
"
Here’s some important facts if you owe and can’t pay:
— Filing for an extension doesn’t help. Although
you’ll have another six months to file your return, you won’t have
additional time to pay any taxes due.
— Expect a penalty if you file a return without a
payment. The Internal Revenue Service will charge 6 percent interest on
the amount you owe, plus a late payment penalty — typically 0.5 percent
per month.
— Inaction will cost much more. The late-filing
penalty is 5 percent per month, on top of the late payment charges.
That’s $50 a month for every $1,000 owed, just for failing to send in
the paperwork.
It makes far more sense financially to file your return and request a payment agreement.
If you e-file and owe less than $25,000, you can
arrange a payment agreement online at www.irs.gov . You may also arrange
a payment plan by talking with an IRS agent on the telephone, or in
writing.
“They’re extremely lenient, so long as there is a
clear effort to pay,” said Matt Becker, a tax partner with accounting
and consulting network BDO in Grand Rapids, Mich. He said it is
sometimes possible to get penalties waived as well, because the IRS will
take individual circumstances into consideration.
A payment agreement will halt collections, a process which can create more serious problems."
http://newssun.suntimes.com/business/4754018-420/cant-pay-your-taxes-file-your-return-or-pay-more.html
Guest- Guest
Similar topics
» IRS.GOV Internal Revenue Service gives a list of companies that will file your income taxes for FREE
» What to do if you can't pay your taxes
» Five ways the unemployed can lower their taxes
» Raise the taxes for the rich and leave SS & Medicare ALONE
» Jan Schakowsky Introduces Bill To Raise Taxes For Wealthiest Americans
» What to do if you can't pay your taxes
» Five ways the unemployed can lower their taxes
» Raise the taxes for the rich and leave SS & Medicare ALONE
» Jan Schakowsky Introduces Bill To Raise Taxes For Wealthiest Americans
Displaced American Workers United - The web's most active unemployment forum. :: Resources and Assistance for the Unemployed :: Taxes
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Sun Sep 13, 2015 1:54 am by Jessica
» Cyber beggar list......it's ok to me
Wed Sep 10, 2014 10:22 pm by pbrad009
» Help with medical bills - Free Health Care, Free Prescription drugs, Hospital bill help, etc
Mon Sep 08, 2014 11:02 pm by pbrad009
» There are Care Packages for College Students, Veterans overseas and Far Away Friends & Loved Ones. So why not Care Packages for the 99ers ?
Mon Sep 08, 2014 11:48 am by pbrad009
» Ways I've Found to Earn Some Income While Still Unemployed
Sat Sep 08, 2012 7:56 pm by Jane0218
» Ramen Noodle Nation--found this blog, two people tell it like it is...
Sun Feb 26, 2012 6:17 pm by springflowers
» Democrats Defend Cutting Unemployment Benefits
Fri Jan 13, 2012 3:27 pm by requete'
» EB will end for on January 28, 2012 for DC, FL, GA, NC, NJ, NM, OH, and PA
Fri Jan 13, 2012 2:58 pm by requete'
» Herman Cain Opposes Extending Unemployment Benefits: 'Where Do We Stop?'
Wed Dec 21, 2011 3:15 pm by DISPLACED DRIFTER
» Most of the unemployed no longer receive benefits
Mon Nov 28, 2011 2:50 pm by requete'
» Michigan Unemployed may lose Extended Benefits
Sat Nov 12, 2011 4:37 pm by requete'
» Obama To Announce Iraq Troop Withdrawal By End Of The Year
Sat Nov 12, 2011 1:17 pm by requete'