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Has anyone ever had to make payments to the irs because the didn't have the lump sum?

Our cpa said it looks like we are going to owe @2600.00 for our taxes. We don't by no means have it right now. We are barley scraping by having to pay for my pregnancy out of pocket. So i know you can make payments to the irs, but i didn't know how much they required if a minimum amount or how it works.Has anyone ever had to set up payment arrangements. What should i expect? Do they accept as little as $50.00 / month?

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Asked by Anonymous at 10:50 AM on May. 27, 2009 in Money & Work

Answers (7)
  • You'll need to pay enough each month so that you will have the entire balance plus interest paid off before your 2009 taxes are due.

    Answer by Anonymous at 10:52 AM on May. 27, 2009

  • You need to call the IRS now, and set up a payment plan.
    Are your taxes really that complicated that you need to pay a CPA to do them? I am sure that you can find ways to cut your living expenses, too. But your first call needs to be to the IRS.

    Answer by rkoloms at 11:10 AM on May. 27, 2009

  • I have to make payments and like the first poster said, you need to have it paid off by the next tax period or they will just tack it on to your 2009 taxes. So if you were going to get anything back for 2009, they will just take it. You have to fill out a form to set up the payments and if your already paying a CPA to do your taxes he should be able to tell you what to do. If it's $2600 I doubt the IRS will except $50 payments. But we got audited this year and owed $1800. they sent us the form to make payment arrangements and told us to pay what we could for the first payment and then they would tell us how much the monthly payments would be. But we just paid it off rather than deal with the payments again. Talk to your CPA, it's what your paying him for. He should be able to take care of all this for you.

    Answer by Anonymous at 11:17 AM on May. 27, 2009

  • rkoloms, why do you have such a problem with people not doing there own taxes. Yes, obviously i am more comfortable with someone doing them for me. You do not know us from adam. We have certain deductions that i want to make sure are done correctly and are allowed. My question wasn't should i be paying someone to do my taxes for me. My question was if anyone has had experience dealing with the irs on payment plans and if they knew what they required. I have a cpe because i choose too. I just hate to be a bother and call up there with a million questions if i could hear of other people life experiences.

    Answer by Anonymous at 11:35 AM on May. 27, 2009

  • My mother makes payments each month to the IRS. If you can't pay it all by the next year it will just compound to what you owe that year as well...

    Answer by SabrinaMBowen at 11:47 AM on May. 27, 2009

  • rkoloms - Yes, my taxes are that compicated! I have 3 home businesses, my DH works full time, we keep all out bills to deduct as well as mileage and other expences... Plus two kids and my BIL who is technically a dependent as well... Why would I even attempt to do my own and screw myself because I'm not 100% up to date on all the laws?

    Signed - not the op~

    Answer by Anonymous at 11:49 AM on May. 27, 2009

  • DH and I owed 2800 a few years ago to the IRS and we paid 150.00 a month.I would call and see how much they are willing to work with you on.

    Answer by Nattiesmom9603 at 3:11 PM on May. 27, 2009

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