Will the IRS do a payment plan?

[jammer]

I did my taxes and completely forgot that I did contract work for three months. Yeah, stupid me. My amount owed went up considerably and it's a little too much to make in one lump sum. I don't want to touch my savings. Do they charge penalties and interest? I can get it paid off in about three months. Any experiences?

 

[SisMorphine]

I have heard from multiple people that they will do a payment plan. In a few weeks I will be able to verify this. I have A LOT of messy stuff to clean up with the IRS due to my old scumbag employers

 

[sparks19]

Yes they will do a payment plan

 

[bubbatd]

I'm sure that they will charge interest and penalties .....which would be more than the interest earned on your savings . Bite the bullet and pay . Sorry !

 

[GlassOnion]

I don't think they care how they get it, as long as they get it.

Which reminds me I need to go get many pennies on Monday.

 

[Buddy'sParents]

Yes, they do payment plans. Good luck.

 

[sparks19]

I don't think they care how they get it, as long as they get it.

Which reminds me I need to go get many pennies on Monday.

LOL that reminds me of a friend of ours....

He had to pay his ex wife $10,000 (that didn't include the monthly alimony) so he went to the bank and got all the money in change and opened all the rolls into a big box.... took it to his ex wifes house (obviously with help to carry the box) knocked on the door and left the box on the step. LOL she was MAAAAAD. $10,000 in change hahahaha. She even called her lawyer to see if she could make him take it back and give it to her in real money and her lawyer said no that it didn't matter how he paid her... he still paid her.

Yes it was spiteful but it sure made him feel better hahaha. Sometimes revenge IS the best medicine lol

 

[Buddy'sParents]

Oh, that is funny! ^^

 

[bubbatd]

^^^^ loved it !!!! I know they take payments , but don't they tack on the interest ???

 

[shazbot]

Yes they do allow a payment plan, but they do charge interest although I'm not sure the interest rate is. This site may help you out:

http://www.irs.gov/faqs/faq-kw93.html

 

[boneyjean]

You can do a payment plan with the IRS although the charges are so high, it is probably a smarter move to borrow it on a credit card or from your savings and pay it back there in three months at a much lower rate.

Also, if you haven't filed yet, just start sending them a check each month and then file when it is paid in full. You won't have to actually set up a plan with them. You will definately pay penalties and interest but if that is your only option then just do what you have to in order to get it paid ASAP. Or could do this even if you have already filed but they will keep sending you notices...but as long as you are making regular payments they will keep sending you another notice with an updated balance. Not sure how long they will do that before they levy on assets but I think in 3 months you can avoid any real action. As long as you know you will likely pay much more by basically borrowing through the IRS than getting a loan elsewhere.

 

[GipsyQueen]

Yep, like everyone else has said you can do installments. (I had researched a bit last year... because v)
The IRS even sent us a bill here... Because I smushed my thumb in a car door while in the US and the doctor; just for putting a whole in nail charged us over 600 dollars.

 

[MelissaCato]

.. wouldn't it be nice to not even worry about these things like we used ta? Ohhh where or where has the US Constitution gone ... ohhh where ohhhh whereee can she be ..........

Register to Vote or Register a Gun !!!!!

You know who to vote for, go vote or next it will be full payments or your life. They do say ya know history repeats it's self ... you better pray grassroot American history repeats herself and not some communist block fad on that "white house hill". Thank a Soldier Today.

 

[sparks19]

LOL you knew it was only a matter of time

 

[ACooper]

As everyone has said, they will do payments. PLUS, you still have till April 15th to send it in........start saving some now to send them and don't file until your deadline.

PLUS, if you are due to get a rebate check back (they start sending them in May based on your 2007 return) THAT might take care of any debt you owe them

 

[jammer]

As everyone has said, they will do payments. PLUS, you still have till April 15th to send it in........start saving some now to send them and don't file until your deadline.

PLUS, if you are due to get a rebate check back (they start sending them in May based on your 2007 return) THAT might take care of any debt you owe them

So if I pay my lump sum by April 15th, I'll get a rebate check back in May/June or somewhere around there? They are giving me my money back.

 

[ACooper]

So if I pay my lump sum by April 15th, I'll get a rebate check back in May/June or somewhere around there? They are giving me my money back.

Well there are stipulations to the rebate of course............if you file single you cannot make more than 75,000 AGI, and married is 150,000 AGI.

The rebate is supposed to be UP TO 1200.00 for married, 600.00 for single, and a 300.00 PER CHILD. So ya, if you fall into those categories, you will get your tax money back..........hahahahaha, silly sort of, but don't knock it! You could pay out of your savings and then replace it by the end of june!

 

[jammer]

Well there are stipulations to the rebate of course............if you file single you cannot make more than 75,000 AGI, and married is 150,000 AGI.

The rebate is supposed to be UP TO 1200.00 for married, 600.00 for single, and a 300.00 PER CHILD. So ya, if you fall into those categories, you will get your tax money back..........hahahahaha, silly sort of, but don't knock it! You could pay out of your savings and then replace it by the end of june!

Oh I'm not knocking it. I certaintly won't mind getting some of the money back.