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2004 taxes not filed

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michaeljhopper

Junior Member
What is the name of your state?NEW MEXICO
i owe the goverment money. did not send off tax form till mid november goverment hasn't responed. need to file 2005 taxes now what will happen when i go to file my current taxes. how would i figure out the penaltes for the 2004 taxes.

thank you to anyone who responds


i do belive i the goverment owes me money this year but i owe last years taxes how dose this work
 
Last edited:


LdiJ

Senior Member
michaeljhopper said:
What is the name of your state?NEW MEXICO
i owe the goverment money. did not send off tax form till mid november goverment hasn't responed. need to file 2005 taxes now what will happen when i go to file my current taxes. how would i figure out the penaltes for the 2004 taxes.

thank you to anyone who responds
File your 2005 tax return. If your 2004 taxes showed a balance due and your 2005 does as well...then include an installment agreement request with your 2005 tax return that includes both years and takes both years into consideration.

THEN...make much better plans for 2006.
 

abezon

Senior Member
The IRS will figure the penalties & interest for you. They will also snag any refund you have coming this year & credit your 2004 account.

BTW, I generally advise my clients *not* to submit an installment plan request -- the IRS charges almost $50 to set it up & if you're ever a day late or dollar short (or they process your payment incorrectly), the IRS demands payment in full immediately. Instead, if you just send the IRS significant payments (5-10% of the total bill) every time they send you a letter demanding payment, you get a flexible installment plan with no set up fee. As long as you don't owe too much, this works fine.
 

LdiJ

Senior Member
abezon said:
The IRS will figure the penalties & interest for you. They will also snag any refund you have coming this year & credit your 2004 account.

BTW, I generally advise my clients *not* to submit an installment plan request -- the IRS charges almost $50 to set it up & if you're ever a day late or dollar short (or they process your payment incorrectly), the IRS demands payment in full immediately. Instead, if you just send the IRS significant payments (5-10% of the total bill) every time they send you a letter demanding payment, you get a flexible installment plan with no set up fee. As long as you don't owe too much, this works fine.
I am not sure that I agree with that advice. I find that the IRS treats a taxpayer much better if there is an installment plan in place.
 

Snipes5

Senior Member
Along the lines of what Abezon said, I advise my clients to pay regularly, depending on what they owe, say 5% or 10% of the balance, monthly. Then by the time the IRS gets around to billing them, the debt is mostly gone anyway, or at least there is a significant dent in it.

It's the "do it yourself" installment plan, just pretend you have one, without actually paying for it. They get their money, you save $50 (which can be used against the tax debt) and they don't levy your paycheck.

Snipes
 

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