What happens if I cannot pay what I owe on my taxes?
372495
You can ask the IRS to set up an installment plan for you by filing Form 9465.  You will have to pay a one-time $43 setup fee plus penalty and interest.  On the form, you must indicate how much your propose to pay them each month.  To determine this figure, take your amount owed and divide it by 20 (you will pay them back over two year with penalty and interest).  This will be pretty close to what you will need to pay.\n\nAnother alternative is file your return without payment and wait for the IRS to send you a bill.  When you get the bill, send them what you can and wait for another bill.  Then send what you can.  You can keep this up until they decide to put you on a plan.  You might be able to avoid the $43 setup fee.\n\nWhatever you do, you will have to pay the amount you owe or face some possibly serious consequences.
297622
You keep getting penalties & fees added onto the amount you owe. It tells you on your tax notification form what the penalties are if you don't pay by certain dates.
416154
the irs will make a payment arrangement and charge you interest. if the taxes are more than 3 years old, you may be able to file bankruptcy and have them discharged as well as your other debts.
173236
File an Installment Agreement (Form 9465) with the IRS.  As long as you're trying to hold up your end, they will work with you.  If you don't do anything, they can squeeze you like a turnip.
362902
Yes.  You can scream, throw things, and stomp about the house.  Then you have to use the 1099C on your tax return and see what the actual result is.  If you owe money that you don't have, work out a payment plan with the IRS.  Difficult, but it can be done.
61512
You need to have a tax pro intervene with the IRS and ask the IRS to let you make payments.  Once the IRS sends you the letter that says you can make payments, you can get a loan.  That is if your FICO, debt ratio etc. is in line.  I know this for a fact-I do loans and have done loans with that same scenario. Hope that helps!
1087483
he'll probably send your bill to a collection agency then if you don't pay yes, he can sue you.\njust pay the bill-even if you pay in payments.
160349
I recommend purchasing TurboTax and finding what it says you owe.  Then, even if you do use an accountant, you have something to bounce it against.
379956
You can go to jail for income tax evasion. Even if the government owes you money. If you knowingly did not file your taxes for the year 2004, you can be charged. If you owe money, you will pay that and penalities and intrest on what you owe. You need to contact a tax lawyer or just file anyway and get it over with.
35877
You'll likely be ordered to repay any benefits you illegally collected.  I think as long as you do that, you won't be in worse trouble.  However, if you fail to do that, I'm pretty sure there are criminal penalties you could suffer.
363956
Call the IRS.  They have a help line for people in your situation, and 4/15 is fast approaching!
430078
By all means, at least make sure you send the tax return in, even if you don't put a check with it.  You don't want to be penalized for non-filing.  As soon as the state processes your return, they will send you a bill for the amount due.  Just remember, the longer you go without paying, the more interest and penalties add up!
540223
Any money that is left over after paying all of your debts will be refunded to you.  Now also, if you owe money for like "Child Support", they can't hold your refund for any interest that is owed after the principal amount has been paid.  \nGood luck.
78152
yes, they will take your income tax. You still owe that money, because in a loan you sign a contract and you are responsible to pay it.
923527
You are required to file a return if you have income, whether you owe taxes or no.  The Government wants you to report income and THEY will decide if you owe taxes.  A tax return is not just a request for a "return", you report earnings on tax return and figure amount owed.  I'd plead ignorance and get in touch with IRS.at the nearest office.
1095804
Tax returns are basically a yearly reconciliation between the amount you have had withheld from your paychecks and the amount of tax you owe on your total income. If you have had more withheld than you owe, you get the extra refunded. If you have not paid enough, then you owe taxes, which you better pay by April 15 or you will owe penalty and interest as well. Everybody's taxes are different.
232222
You need to file an ammended return.  If you don't then they can come after you later and get interest and penalties assessed against you.  It's better to take care of it in the short term than in the long term.  The interest on what you owe will be astronomical if you don't do it now.