Friday, December 11, 2009

Owe back taxes, will this work?

I received a letter from the irs stating that i owed them money- like 1100 from 2006. i didnt report my unemployment. my question is can i use a tax service like h%26amp;r block etc to file for me this year and have the irs take their share of what i owe to them. my refund is enough to cover the debt.. or do i need to do special or different before i file for 2007?Owe back taxes, will this work?
I do income taxes. The IRS will automatically deduct the outstandinng taxes, and send you the net refund.Owe back taxes, will this work?
If you owe any amount from previous years,the I.R.S. will automatically deduct any refund that you get.For instance:I was expecting $800 last year....but I only got a fraction of it because of taxes I owed from another year.But....sometimes they will make a mistake and not make any adjustments...but that only happens rarely.
take a loan out to pay your taxes then take that proof to h and r block and you will not have to pay any interest on the loan...it can be written off..because the money is used to pay back taxes
Respond to the CP2000 letter. This establishes the debt.


Request an extension to pay. This doesn't stop interest/penalties, but it does stop the demand letters for a few months...which should be enough time to get your 2007 return filed.
dats the way to do it. its the way i did it. they were gonna take theirs anyway. mine was for rolling over only half my 401 k money
If you expect a refund on your 2007 return, you should file normally and do 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.
I owed the IRS money and they automatically took their money off the top.
The sooner you pay what you owe, the less interest and penalties you'll be charged. It doesn't matter who prepares your 2007 tax return. Your refund will automatically be reduced by the amount you owe.





You could possibly set up a payment plan, but that won't stop the accrual of penalties and interest. A payment plan is not an extension to pay. If you are unable to file a tax return by the April 15th deadline, then you can file an extension, but that is only an extension to file, not to pay. You would still be expected to pay your tax by April 15th.

No comments:

Post a Comment

 
virus protection