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Owing tax money to the IRS
Posted on 3/19/15 at 8:15 am
Posted on 3/19/15 at 8:15 am
Welll looks like I'm not getting a return this year...
What is the process when owing tax money to the IRS instead of receiving a tax return?
Do you have to pay immediately? Can you pay in installments with out interest/penalties?
I've done a little research but would appreciate anyone's personal experiences.
What is the process when owing tax money to the IRS instead of receiving a tax return?
Do you have to pay immediately? Can you pay in installments with out interest/penalties?
I've done a little research but would appreciate anyone's personal experiences.
3
Posted on 3/19/15 at 8:34 am to Bearded_Chow25
It is due by April 15. Penalties and interest start to accrue after that point. Paying in installments is available, there is a set up fee, and you can set it up online.
Posted on 3/19/15 at 9:08 am to LSUFanHouston
Sound advice above, it's due on 4/15 penalties start after that.
Posted on 3/19/15 at 9:08 am to Bearded_Chow25
You have return and refund mixed up.
A return is what you send to the IRS (Your 1040 and documents, etc). You will get a refund if you overpaid through your withholdings.
And yes you have to pay immediately or else penalties/interest will hit.
A return is what you send to the IRS (Your 1040 and documents, etc). You will get a refund if you overpaid through your withholdings.
And yes you have to pay immediately or else penalties/interest will hit.
Posted on 3/19/15 at 9:24 am to Bearded_Chow25
Hey congrats. Probably means you're making more money than you used to! Need to see about changing your payroll deductions and doing more diligence to estimate your annual tax bill.
Posted on 3/19/15 at 11:39 am to BeerMoney
Thanks guys. Our company transitioned to a new outsourced payroll company at the beginning of 2014 and my deductions changed from 0 to 3, which I didn't realize at the time. I am single and have zero dependents, so that was my first problem. Lesson learned though.
Also I had some short term capital gains, which is adding to my tab.
Its my second time filing taxes so I'm still a tax newb.
Also I had some short term capital gains, which is adding to my tab.
Its my second time filing taxes so I'm still a tax newb.
Posted on 3/19/15 at 12:00 pm to Bearded_Chow25
Ours have become more complex and now depend upon a cpa and don't mind the fee as I rest easier. Our return is being filed today and another annual box has been checked...thank goodness
Posted on 3/19/15 at 3:18 pm to LSUFanHouston
If you use installment payments the IRS imposes interest, but you do avoid penalties and the interest on any penalties.
Posted on 3/19/15 at 10:23 pm to Poodlebrain
Funny they charge me interest and penalties on agreement each month.
Posted on 3/20/15 at 9:49 am to Poodlebrain
You will also be charged interest and may be charged a late payment penalty on any tax not paid by its due date, even if your request to pay in installments is granted.
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