I recieved a large sum this past March, but do I have to wait until 2006 tax season comes around?
199469
Depends upon the source of the large sum. In most cases, it's 2006, not 2005.
66625
1/11/06 was the last. Usually every 3 months. Check earnings.com around the end of March/begining of April
477609
What?!? And all these years I've been paying. . .\nNo, we are absolutely required to pay income taxes! We actually OVER-pay each year, and then in the Spring we get a partial refund. That's always nice, to help cover any credit card purchases we may have made at Christmas, or to do a home improvement project. But many Americans end up having to pay in even more, because not enough has been deducted from their wages throughout the previous year. OUCH!
527058
It's important to pay your taxes on time, but if you don't the IRS will assess a late payment penalty of 1/2 of 1 percent per month, up to 25% of the amount of unpaid balance, plus interest per month which has ranged between 4% - 9% in the last few years.\n\nhttp://www.irs.gov/businesses/small/article/0,,id=108330,00.html\n\nPenalties and interest apply to years when money is owed.  If you get a refund next year, the IRS will withhold it, and apply it to your balance due.  You can contact the IRS and ask to see your tax account.  They will also send you an account statement showing your current balance owed, if you ask for it. \n\nThe interest charged by a bank or credit card is often lower than what is accruing on your account at the IRS.  It sometimes makes sense to borrow money from another source in order to pay off your balance owed to the IRS. \n\nThe same is generally true for state taxes as well.  Contact the Department of Taxation to see your state income tax account, and to request a statement.\n\nThe overtime you worked bumped you up into a higher tax bracket and increased your percentage owed.  If you couldn't pay your taxes because you had a family emergency, or other reasonable cause, the IRS has the ability to reduce the penalties they've assessed.  You must contact them by calling or writing to your taxpayer advocate listed on your Notice of Tax Due.\n\nhttp://www.irs.gov/individuals/article/0,,id=123423,00.html
117950
It depends on how much you made. If you made over $7000 each year then yes, you need to file your back taxes ASAP. You will not have to pay it all at once. You can pay installments. Just hurry and do it before you get audited and fined.
29466
The safest (and maybe smartest) way to approach this is to look into filing a 1040ES, Estimated Tax for Individuals.  It helps you estimate what your income not subject to withholding (such as your business) will be, and to calculate the estimated tax payment so you can make quarterly payments to the IRS.\n\nThis is advisable because if you under-withhold based on your income, you can be penalized by the IRS for it.  Here is a link to the form and its instructions.  You'll need Adobe Acrobat and/or its web plug-in to view it:
286568
Seek the advice of a local CPA.  Besides the taxes that are due, you'll have to pay interest and penalties.  If you haven'te made a lot of money, it might not be too painful for you. \n\nListen to your wife and make sure you file a tax return every year from now on!
589632
Yes, you can find more info by following the link below.\n\nWhat you do is fax (or mail) a request to the IRS. They in turn will issue a form letter (the 6166) confirming that your company is in good standing. It will be based on your most recent tax year (i.e. if you've filed a 2005 return, it will say you are in good standing for 2005, not 2006).\n\nAs I recall, it takes a week or two to get the letter back from the IRS.
174866
You still have to file a tax form because you actually did earn money.  Sad, but true.  Since you don't want to pay e-file, do a written one and since it's miniscule the math is simple.  Remember, the 17th is the absolute final day to get those returns postmarked in the post office.  So grab a form and get to it.
269844
Its uncle Sam's money. When they find out they will charge you but until they they gonna say its right.\n\nConsult your attorney if you can file advance tax for the coming year. You can file adjusted tax later if they still say they are correct.
105866
Unless you know exactly what your income and deductions will be, it is difficult to break even, but using 2005's information you should be able to make a pretty good estimate of how much tax you will pay in 2006. Use that estimate to set your withholding. \n\nI do this every year and shoot for a slight surplus ($300 or so).
528793
Typically employers hand out W2's in January and must have them out by the 31st of January.  Most employers probably wouldn't be able to complete their books in time to give it to you by the end of December.  I will have hours worked in December, but they will count toward 2007's earnings since I won't actuallly be paid for them until 1-6.
520269
You are having some wages garnished because of a debt you owe. It could be child support or back taxes. The garnishments are being used to pay that specific debt. Whether or not that specific debt is paid off by the end of the year depends on how much you owe, the interest rate, and how much they take from your wages. As far as your 2006 tax liability that you will figure out in early 2007 on your 1040, the garnishment has absolutely no affect one way or the other. It doesn't lower your 2006 taxable income, it doesn't lower your 2006 taxes, and it doesn't increase the amount of tax withholding you get credit for on box 2 of your W-2.\n\nIn short, the garnishment only goes against your existing debt and has no consequence at all on your 2006 tax liability. Whether you owe or get a refund on your 2006 taxes is based on tons of information you didn't not provide. You must do a tax return to determine if you owe or get a refund for your 2006 taxes.
52643
That sounds like a state refund you got last year.\nIn California, if you got a state refund in 2004 you must report it as income in your federal income tax for 2005.\nThere are exemptions like if you itemized last year and you don't this year.\nConsult your tax professional.
191292
My tax attorney (which is also a CPA and used to work for the IRS) did my returns from previous years that I did not file on time. He told me to send the forms without any payment. When you do that he told me that the IRS will send 'Demand' letters for the back taxes (within six months of filing)if  it turns out that you owe them money after all the penalties are calculated. If its a small amount you can setup something with the IRS. If the total amount is a large figure lets say thousands, its a good idea to let your CPA (or better yet a tax attorney) handle the communications with the IRS (i.e. setting up a payment plan or a 'Letter of Comprise'). If its a lot of money you might owe, let a professional handle it.
562249
Your 2nd Estimated tax voucher for 2006 is due tomorrow (6/15/06)\nYou can go to the IRS website and download form 1040ES (some forms can even be filled in on-line, but be sure to print it twice so you have the original and a copy.) You base your 2006 estimated taxes on your total Federal income taxes paid for 2005.  This is a safe harbor, you may (probably) will wind up still owing 4/15/07.  If you wait to the end of the year, you probably will incur Estimated Tax penalties for not having at least as much tax paid in for 2006 as you had to pay  for 2005.\n\nYou should also check to see if your state requires Estimated Taxes to be paid, most do.\n\nHopes that helps,\nSourdough48
50014
You will not receive a corrected w-2 for 2005 because you did get the money.  The return of the bonus becomes an expense on your 2006 tax return.  If you are a statutory employee you will deduct it with the rest of your expenses on a schedule C.  if you are not you will take it on the schedule a under business expenses on schedule A where it is subject to a 2% reduction.  be carefull though i am an accountant and some of the fast tax prep agencies can mess you up on this one.