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richosasimohan · Joined: 18 Jul 2007 Posts: 38 23.61 Dollars($)

What if I owe back taxes to taxes?

Niicss · Posted: Tue Jul 24, 2007 4:14 pm Post subject:

You can pay the back taxes in monthly installments. What you will have to do is send a contract to pay in monthly installments along with your tax return.

Get a copy of Form 9465, Installment Agreement Request, fill in your details and enter the form number that you have used - 1040, 1040A..., the tax yr. & the tax amount owed.

Determine how much you can pay every month, mention the day of the month IRS will receive monthly payments, sign and attach with your tax return. And then mail it to IRS with your initial payment.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Caron

Hi Richo,

The IRS imposes a certain penalty on taxpayers who have back taxes. The penalty for filing late is around 5% per month, or part of a month extending upto 25% of the tax payment due.

The penalty for paying late is however different. It is around 0.05% for 1 month or up to 25% of the tax amount due. To know more on this, refer to a previous discussion on Back taxes and penalty.

Hope you'll benefit from this information.

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