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If you settle for less amount on back taxes with the IRS can you still make payments?
Wiki User
∙ 15y ago
If you make an Offer in Compromise with the IRS, there are generally three options: 1. Cash Offer: Pay 20% up front when you submit the Offer. The remaining must be paid within five months of written acceptance. 2. Short Term Deferred Offer: You make monthly payments for 24 months of the amount you offer. Note that you must make the first monthly payment when you submit the offer, and you must continue making monthly payments while the IRS is considering the offer. If the IRS rejects your offer, they keep the money and it is applied towards what you owe. 3. Long Term Deferred Offer: You make monthly payments for however long is remaining on the 10 year statute of limitations. Note that the option you choose will change your settlement, because the IRS calculates each one slightly different. The cash offer will be the lowest settlement.
Wiki User
∙ 15y ago
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What is the frequency of FICA and witholding depends on the amount taxes are due?
frequency of fica payments
Are state income payments deductible on federal taxes for corporations?
Yes, (and individuals). For Corps it is the amount paid (not accrued).
What is the word for Excess of your withholding and estimated tax payments?
Amount of taxes that were overpaid to the IRS The excess amount of your withholding and estimated tax payments would be the amount that is MORE than your federal tax liability on your correctly completed federal 1040 income tax return and would be the amount of the REFUND that you could possibly receive after sending your tax return to the correct IRS address. Overpayment amount of taxes
If on the 1040EZ form the amount on line 10 equals the amount on line 11 in the Payments Credits and Tax section shown below the taxpayer will?
receive a refund - apex
If you didnt owe money for 2007 but you did owe for past years will you still get a check?
i think if you don't owe taxes for 2007,but owe taxes on prior years you should still get a stimulus check as long as you are making monthly payments on what you owe.
What is the frequency of FICA and witholding depends on the amount taxes are due?
frequency of fica payments
How can one settle on their taxes for less than what they owe?
One can settle on their taxes for less than what they owe by proving to the IRS that the total amount owed is incorrect, making the IRS understand that the chances of paying back the amount owed is quite slim.
Do you have to file taxes on 4000 from unemployment?
Answer is YES! If you have taxes withheld from the UIB amount you still have to put the amount on your 1040 and add the withheld taxes to other withheld taxes.
Are state income payments deductible on federal taxes for corporations?
Yes, (and individuals). For Corps it is the amount paid (not accrued).
What is the word for Excess of your withholding and estimated tax payments?
Amount of taxes that were overpaid to the IRS The excess amount of your withholding and estimated tax payments would be the amount that is MORE than your federal tax liability on your correctly completed federal 1040 income tax return and would be the amount of the REFUND that you could possibly receive after sending your tax return to the correct IRS address. Overpayment amount of taxes
Does pay-pal take taxes out of payments made to you?
No,paypal does not take taxes out of payments made to you
What is delinquent taxes?
means still the amount should be paid
Will a settlement of my credit card debt affect my FICO score?
Yes, any time you fail to make payments or settle a debt, it will affect your credit. You will also have to pay taxes on the amount written off! Yes it will effect your score. It is usually easy to get creditors to except a settlement amount but that can be looked upon badly with new creditors in the future.
If on the 1040EZ form the amount on line 10 equals the amount on line 11 in the Payments Credits and Tax section shown below the taxpayer will?
receive a refund - apex
If you didnt owe money for 2007 but you did owe for past years will you still get a check?
i think if you don't owe taxes for 2007,but owe taxes on prior years you should still get a stimulus check as long as you are making monthly payments on what you owe.
Do you have to pay income taxes on ss disability payments?
Depends on the type of disability payments you receive. I do not have to pay taxes on my military disability, it is tax free.
Is an offer in compromise a good way to settle back taxes?
This can be a great way to settle any back taxes you have. If the IRS is offering this you should consider it.
