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I owe $5,800 in Federal taxes. I am a self contractor and it turns out I have to pay in.?
How do I go about making payments on the amount I owe. I don't have enough to pay the whole $5,800, but I dont want trouble with the IRS. Please help, I am so worried now...
Public Comments
- Did you do your taxes, or did you have a professional do them? If this is your first time filing as a self-employed, it may be worth it for you to have a professional look at them. Chances are good you missed some expenses that can be used to write down your tax liability. Next year (this year) get set up to make quarterly estimated payments, so you aren't hit at the end of the year.
- You can file a form 9465, Installment Agreement Request. If you have no other tax debts, the IRS will generally accept an installment agreement if the unpaid liability is $25,000 or less and the tax will be paid within five years. There is a user fee of $105 ($52 for taxpayers who will pay their tax with a direct debit from their bank account) charged for an installment agreement. I have linked the form from the IRS below. Laura H – H&R Block – Senior Tax Advisor 5 **This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
- If you did not have a tax professional do your tax return you should contact one and have the return reviewed. If you did have a professional do your return have them help you set up a payment plan.
