Saturday, November 12, 2011

No federal tax withheld, should I still file taxes. HELP!!!?

Yes, you should still file your taxes. It is not normal for a company to not withhold when you make that much money and are at married, 0 on your W-4, so I would verify that status with your company so you will be better prepared for next year. There are much more serious repercussions if you don't file your taxes at all than if you file them and not pay what's due. File your taxes, and with it, file a form 9465, Installment agreement request, with it -- this way you've acknowledged the debt you owe the IRS, but you don't have to pay it all at once. I would recommend paying it as soon as possible though, as even though that minimizes your penalties, the interest on what you owe them accrues rather quickly.....

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