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Anyone gotten an extension for taxes?

Anonymous
Posted by Anonymous
  • 6 Replies
I filed our 2014 taxes this year I got an extension for 2015. I have a big balance that we owe and got an installment agreement for monthly payments.
My question is how does the process work when I file 2015 and have another balance on that one?
Do they just add it to the other balance. Ugh I'm owing $20,000 right now. FML
I feel like I'm in such a big hole! It's freaking me out!
Any advice is greatly appreciate!
Posted by Anonymous on Apr. 20, 2016 at 4:20 PM
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Replies (1-6):
Anonymous
by Anonymous 2 on Apr. 20, 2016 at 5:53 PM
You are late if you are planning to file an extension for 2015.

You Should make an appointment with whomever you made the payment agreement with.

You need to bring in some additional income and pay down those back taxes STAT - the IRS charges killer penalty & interest charges.
shilohkitten
by Silver Member on Apr. 20, 2016 at 5:57 PM

Not sure how it works, wish I could help out more.  I used to work for a tax firm, so this is embarrassing lol.

I haven't ever gotten an ext personally.

bluebunnybabe
by kid crack dealer on Apr. 20, 2016 at 5:59 PM
I would think that would be a separate installment plan but I honestly don't know for sure.
Anonymous
by Anonymous 3 on Apr. 20, 2016 at 6:00 PM
OMG that is a lot!! How did you end up owing so much?
Anonymous
by Anonymous 1 - Original Poster on Apr. 20, 2016 at 6:35 PM
Dh made too much and not enough expenses for his company. He owns his rig.

Quoting Anonymous 3: OMG that is a lot!! How did you end up owing so much?
clairewait
by Bronze Member on Apr. 20, 2016 at 9:18 PM

We filed for an extension this year. But I can't answer any of your questions. Sorry!

I will say this: you should probably fire your CPA. If you don't have one, you need one.

My husband is self-employed and has an account for taxes. A good CPA made the difference in (literally) thousands of dollars for us from one year to another, when we got a new and amazing guy. 

DEFINITELY WORTH THE CPA FEES - I PROMISE YOU.

Good luck. Don't let this drag out too long, we've all heard the stories of rich famous people in jail for tax problems! Aaack!

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