Tess in the Burbs Posted February 7, 2012 Share Posted February 7, 2012 So we know we will owe a large amount for taxes this year due to choices we made in 2011. We realize now we should have paid more toward this last year but we thought we had it covered. We didn't. We don't have the amount will we owe to both federal and state. We don't have credit cards. I did apply for one but with no income I doubt I will get it. Dh has the foreclosure on his credit so no reason to try for him, lol. I know there are payment penalties and interest. Are the penalties monthly as well? Or just one time? I have exhausted my few resources to get a loan and I can't blame family for not wanting to extend an olive branch. Do we just call and negotiate a payment or just send what we can each month? I personally think them just taking it would better...life happens and that money will get gone if they don't just take it, lol. Anyway, any advice on paying federal taxes late would be helpful. Best case senario(us living like paupers) we won't be able to finish paying off the balance until almost October of this year. :confused: So I worry how much the penalties are going to push this out... Quote Link to comment Share on other sites More sharing options...
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