Ask:
Ladies, a very bad thing happend to me ....... kinda......
My husband and I were married last October.. When tax time came we took our W2's we each had one to a lady in our area and she did our taxes we filed education paperwork becuase we are both students, and that was it she had us sign on a couple lines and we got our refund in like 3 weeks....
Well.... I was going through my paper work to find her number to call her to ask her about doing out taxes again and I found a SCARY evelope marked with a post it OWE 223.00 mail to the balh ,,,,, Blah,,, Blah for our state taxes and then IT ALL CAME BACK TO ME ..... I remebered that we had this but filed it FOR SAFE keeping and how i get FORGOT....
WHat do I do... should I send the money now.... when would it have been due??? SHould I take my taxes and then send it all together with this years that I am sure we will owe to the state???
Are they going to arrest me or anything???? I am nervoous and this is not the kinda thing we ask our families about becuase they would be harsh about my lack of organization at times....
ANYONE THAT KNOWS ANYTHING ABOUT THIS PLEASE HELP!!!!!!!
Answer:
Simply call and explain. There will probably be a penalty, and sometimes they can waive it, but I wouldn't just send it in. Call and ask for forgiveness and directions on how to proceed.
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If you are expecting a refund they would more than likely take it out that. i would just call.
allgirls
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Oh my. You had me all kinds of scared! THIS, we can work with!!! I agree, call and ask. I know that one year we didn't get ours paid on time...were just a few days late...but they didn't have a problem with it. I think there is actually a way to go back and ask for an extension. You don't even HAVE to give them your info just to ask the question!!
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Sorry For the scare blessed with six, I am a little bit of an over reactor, the first thing I thought is oh my they are going to take my husband and I to jail or put our name on the naughty list. I am going to call first thing Monday morning. Do you think it will come up on our tax thing when the lady does them... I just feel bad my first experience with taxes & I failed
Answer:
What kind of penalties and interest will I be charged for paying and filing my taxes late?
Interest, compounded daily, is charged on any unpaid tax from the due date of the return until the date of payment. The interest rate is the federal short-term rate plus 3 percent. That rate is determined every three months.
For current interest rates, go to News Releases and Fact Sheets and find the most recent Internal Revenue release entitled Quarterly Interest Rates.
In addition, if you filed on time but didn't pay on time, you'll generally have to pay a late payment penalty of one-half of one percent of the tax owed for each month, or part of a month, that the tax remains unpaid after the due date, not exceeding 25 percent. However, you will not have to pay the penalty if you can show reasonable cause for the failure. The one-half of one percent rate increases to one percent if the tax remains unpaid after several bills have been sent to you and the IRS issues a notice of intent to levy.
Beginning January 1, 2000, if you filed a timely return and are paying your tax pursuant to an installment agreement, the penalty is one-quarter of one percent for each month, or part of a month, that the installment agreement is in effect.
If you did not file on time and owe tax, you may owe an additional penalty for failure to file unless you can show reasonable cause. The combined penalty is 5 percent (4.5% late filing, 0.5% late payment) for each month, or part of a month, that your return was late, up to 25%. The late filing penalty applies to the net amount due, which is the tax shown on your return and any additional tax found to be due, as reduced by any credits for withholding and estimated tax and any timely payments made with the return. After five months, if you still have not paid, the 0.5% failure-to-pay penalty continues to run, up to 25%, until the tax is paid. Thus, the total penalty for failure to file and pay can be 47.5% (22.5% late filing, 25% late payment) of the tax owed. Also, if your return was over 60 days late, the minimum failure-to-file penalty is the smaller of $100 or 100% of the tax required to be shown on the return.
Also, refer to Tax Topic 653, IRS Notices and Bills and Penalty and Interest Charges.
This is what I found when I looked it up! She SHOULD pull it up for you, no problem, especially if you were using her again this year.
Answer:
Originally Posted by desertmom
Simply call and explain. There will probably be a penalty, and sometimes they can waive it, but I wouldn't just send it in. Call and ask for forgiveness and directions on how to proceed.
Ditto. Mistakes happen. Act all repentant and they'll just tell you what to do in this situation. THe sooner you get it taken care of the better though so penalties won't be high. HTH
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My husband didn't file one year or didn't pay in like he was suppose to and the accountant asked the irs to take it out of this years tax return and they did with no problem whatsoever. I don't remember how much interest there was on it.
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For starters - don't be so hard on yourself. Secondly, one year I completely forgot to add one of my W2's and we got a refund check - only to realize what we'd done. There were some penalty fees, but all in all it was no big deal. I remember being SO scared too. Don't worry and follow the advice of the great ladies above.
Erica
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Thanks girls for making me feel better about the situation..... waiting for tommarow to get here so I can call about it!