The Breitling Watch Source Forums

I owe Uncle Scam about a Grand ,and only have about 800 to pay at the current moment. I was curious if Uncle Scam will just send me a bill for the 200$ I owe him. I know its only 200 bucks , but this is what I have at the current moment , and refuse to go into my Savings to pay this LEGAL STRONGARM .

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One Watch At A Time.

I think you may be able to set up installment payments on what you owe.

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Justin
Please contact me via PM for the contact details for Govberg Jewelers
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Just pay it, uncle Sam is one relative you don't want to owe money to.

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"I don't own any watches, I just lease them"

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“The only reason for time is so that everything doesn't happen at once.” - Albert Einstein

I mailed them a check for 800 early yesterday morning, I hope to receive a bill next month for the difference. I mailed it before I got the advice from the Breitling crew.

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One Watch At A Time.

Thet will send you collection notices for several months. All the while interest will accrue and, depending on your circumstance, penalites. If you pay with your first notice the interest on $200 won't be much at all.

And you can set up payment plans as well, but usually they will not want to mess with that until December. But with each notice/invoice you can send a lesser amount. And you likely will not need to mess around with payments over $200. You probably won't hear a thng for about 90 days. The IRS enjoys interest, despite what they may want you to believe.

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SHARKMAN

your first step should have been to file an extension, it would have gotten you another 60 days or so to raise the funds with no interest or penalty.

Just e-filed last night and did a direct debit of the $5685 that I owed....

Hey... President Obama owed something like $465,000 according to the news channel in Philly. I guess that isn't too difficult to pay though when he raked in $1,720,000

Which was most brought in from his dam book!

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Past: BlackBird, Navi World, SA, Rolex DJII, IWC Yacht Club
Present: CE, DSSD
Future: Changes daily

I thought extensions were just for filing. If you owe money, you still have to pay it on time, even if you have an extension. I may be wrong on that, but that's what I've always heard. The government is reasonable except when it comes to money you owe them.

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Greg

Im sure glad I didn't have that amount you paid. I couldn't imagine paying Uncle Scam that amt of money.

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One Watch At A Time.

No that is not correct. It's true that you technically owe the money and the extension is for the actual tax return documents, but the effect is to forestall the IRS from any collection activity for 6 months. Interest acrues the entire time though and they like that - inerest that is. The extension is automatic and available to all UNLESS you still owe from a previous year.

Caveat - no legal or tax advice is offered by the author-consult a tax professional.

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SHARKMAN

Its great to have an Attorney on the forums

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One Watch At A Time.

Not exactly true. When you file for an extension you still need to calculate your tax obligation and then send a check along with the extension notice. Failure to cover your taxes owed will still result in penalties and interest on any unpaid funds.

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