Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 253 April 2, 2004
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 6, Issue 253 April 2, 2004 |
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 » From: Rochester, NY Dear TaxMama: I would like to know what to do if I'm already on a payment plan with the IRS and I don"thave the money to send them this year. What do I do about putting this on the payment plan I have now? Bonnie  Hi Bonnie, Well, your question fits right in with this week's theme. If you can't pay this year's taxes, you'll be in default on your present installment agreement. They told you that (in the paperwork you got) when you set it up. So, to avoid that problem - or at least delay it for a while, put this year's return on extension. See if you can save up the money to pay the 2003 balance due by August. If not, you have one more extension to October. SAVE UP THE MONEY AND PAY IT BY THEN. Otherwise you will be in default of your agreement. Their whole concept in giving you time to pay is to make sure that, afterwards, you have enough withholding or estimated taxes as you go along, so you don't get into trouble again. If you can't make ends meet - look at re-structuring your credit card debt, cutting some of your expenses, or making some extra money. You'd be surprised at how much you can cut your expenses, though, if you try. (coupons are available for all kinds of things ... even stuff your kids simply MUST have.) Good Luck! Best wishes, Eva Rosenberg Your TaxMama  |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2007 - Eva Rosenberg |
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