Owe the IRS? Make Payment Arrangements
Tuesday September 25, 2007
With the October 15th deadline approaching, some people are in a situation where they owe taxes on their 2006 return, and might owe again on their 2007 return. Here's how to handle a balance due situation. There's five different payment arrangements you can work out with the IRS, if you cannot afford to pay your taxes in full. For most people, this means setting up a monthly payment plan. You might also want to consider using a credit card or line of credit with a low interest rate to pay off the IRS.
We just paid over $5,000 in federal and state taxes. I’m employed has a teacher aide and my husband works in retail. We are both over 60 and my husband is just over 65 and started collecting S.S. this year. There is where the higher tax this year. In order to pay IRS I pulled from our savings account. I can assure you that our savings is limited. I’m still in shock over this payment when you hear of all the waste in Washington especially the travel expenses we pay for. What can be done, what can we do?
Pattyida