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/biz/ - Business & Finance


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54646981 No.54646981 [Reply] [Original]

>I owe $3200
>I send IRS $2300 today (all I have to spare)
>can pay off rest by September
What am I in for as far as penalties and fines go? I strategically made it so I had less than $1k owed, because I heard sometimes they waive the penalties in that circumstance.

>> No.54646990

>>54646981
They might charge you interest until you pay off your tax debt

>> No.54647017

>>54646990
Yes but what is the interest rate? And how often is it accrued? I’m assuming it’s between 3-5% right?
$900 x 3-5% would be an extra $27-45… quarterly? Monthly? Weekly?

>> No.54647027

>>54647017
anon... it's PER DAY

>> No.54647042

why didn't you file for an extension tard boy?

>> No.54647047

>>54646981
Call them and explain. Your situation. Say you’ll pay and be honest. They just want their money. If you mess with them they will fist you. Just be polite. Always remember they just want your money. That’s all

>> No.54647052

>>54647027
It’s actually per hour until it’s paid off and it’s compounding at 25% of course.. I paid off state tax so I’m only concerned with the IRS now. I heard it was only half a percent but I could be wrong

>> No.54647069

>>54647017
They charge interest per day. They'll mail you a document where it says interest is compounded daily. You should really just pay it off asap because the interest will add up

>> No.54647071

>>54647042
Because I already filed in February
there’s no such thing as an extension to pay
>>54647047
I’ll call tomorrow, good idea.
>aa yea IRS? Aw geez dude I can afford the 35 dude.. I just got these pills man I can’t pay until I get the pills from the doctors bro… can you do $1 a month?

>> No.54647076

>>54646981
Borrow 900 from your mom and avoid the intetest and penalties.
And pay her back with dish washing and cooking.

>> No.54647083

>>54646981
You don't owe the IRS anything. They must send you an itemized bill and prove services were rendered in order to claim that you owe them money.

>> No.54647179

Hello American citizen, it's me, your IRS.
Please send $500 in apple gift card to process outstanding tax refund of $3091.48.

>> No.54647222

>>54646981
Why don't you ask them instead of us you tard?

>> No.54647275

>>54647069
That is extremely jewish. Hopefully china stops pussying around.

>> No.54647287

I owe state of Michigan $500. I only have $200 in my account so them niggas gonna have to wait.

>> No.54647314

In Australia you just go our ATO lodgement page, click ‘payment plan’ and create your own payment plan where you pay what you owe now and agree the ATO to direct debit instalments you want from your bank account monthly/weekly what you want etc

Do Americans really?

>> No.54647361

>>54647069
GPT:
> I am not a tax professional, but I can give you a rough idea of what the penalties and interest might look like on a $900 underpayment of federal taxes in the United States after 5 months. Please keep in mind that these calculations are only an approximation, and you should consult a tax professional for a more accurate assessment.

Late payment penalty: The penalty is generally 0.5% of the unpaid tax per month or part of a month, up to a maximum of 25%. In this case, after 5 months, the late payment penalty would be 0.5% x 5 x $900 = $22.50.
Underpayment interest: To calculate the interest, you would need to know the current interest rate. As mentioned earlier, the IRS interest rate is typically the federal short-term rate plus 3 percentage points. Let's assume an annual interest rate of 4% for this example. The daily interest rate would be 4% / 365 = 0.0109589%.
To calculate daily compounded interest over 5 months (assuming 30 days per month), you would use the following formula:

Future Value (FV) = Principal (P) x (1 + daily interest rate)^number of days

In this example, the number of days would be 5 x 30 = 150 days. So:

FV = $900 x (1 + 0.000109589)^150 ≈ $914.54

The interest would then be approximately $914.54 - $900 = $14.54.

The total amount owed, including the late payment penalty and the underpayment interest, would be approximately $900 + $22.50 + $14.54 = $937.04. This is only an estimation, and the actual amount owed may be different. It's always best to consult with a tax professional to get accurate information for your specific situation.

Thanks bro. Not that worried now

>> No.54647892

>>54647071
Yes exactly do that. Just don’t get on their bad side

>> No.54648259

>>54646981
> I'm a good goy I give Jews all my money
Good for you, goy!

>> No.54648414

>>54646981
>>54646990

> not letting it build up till 10k+ and calling some tax relief business to knock it down to 3k

Ngmi

>> No.54648449

>>54647314

Your country literally has a YouTube channel dedicated to satire advertisements regarding your shitty government.

Plus, your bitch ass country just bought a bunch of nuclear subs from America.

Faggot loser also bought a ton of vaccines from American companies.

Imagine making fun of globohomo, while getting bum fucked too.

>> No.54648528
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54648528

>>54648449
Didn’t read

Please pay your tax

>> No.54648585

>>54646981
Go to a big box home improvement store and buy some machine worth 1000 dollars on your credit card, and ask to split the transaction on a prepaid Visa card. Return to the store with the receipt. When you get a refund it will all be in cash. Use the cash to pay the IRS now and find a way to make 1k before your statement is due.