And, Yet, Another Tax Question.

bigbet1234 · Mar 11, 2005

If you have a CPA do your taxes, and you have money due, can you file an extension of some kind for the federal amount due?

I have paid all my State and Local taxes, but for godsakes, I owe the big man a pretty penny. I have the money now, but would like to stretch it out a few months. Is this possible?

Again, I have all the information from my CPA, is there a way to put off paying a few months?

Thanks,

BB

bigbet1234 · Mar 11, 2005

Another tid bit, my taxes have already been electronicly filed.

BB

Fishhead · Mar 11, 2005

You can Bigbet, but the interest they charge you is horrid.

---FISH---
Moderator/Advisor

Dante · Mar 11, 2005

And, Yet, Another Tax Question.

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PAGING CPA FISHHEAD...PAGING CPA FISHHEAD...Please come to the main forum....that is all

lvoldtimer · Mar 11, 2005

BB...Common Sense indicates no problem as long as you file and you are willing to pay interest/penalties.Whenever I have a ? with IRS i call them..usually find someone competent enough, especially something as basic as this to answer any questions...how much interest,$ amount penalties,can i stagger payments,etc.Also it is in the tax code if you do not mind doing a little research.

Regards
lvoldtimer

fathead · Mar 11, 2005

You can file a 4 month extension and pay in August what you owed from April. Then in September, they will send you a bill for the interest/penalties you owe.

Your decision whether it is worth it, I guess.

aceduecetrey · Mar 11, 2005

Fish- I got one for you.....Lets say the Govt decides you are breaking the law and they seize funds from you, do you still pay taxes on the funds? Can you write the seizure off? What is your opinion on this? I have consulted numerous people regarding this and have had numerous answers. just wondering your thoughts.

Fishhead · Mar 12, 2005

aceduecetrey said:
Fish- I got one for you.....Lets say the Govt decides you are breaking the law and they seize funds from you, do you still pay taxes on the funds? Can you write the seizure off? What is your opinion on this? I have consulted numerous people regarding this and have had numerous answers. just wondering your thoughts.

Havent the slightest idea.........good question.

Somebody here will know the answer.

---FISH---
RX moderator/advisor