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Wait until they audit you and then pay a 10% fine?
- Thread starter rowenwood
- Start date
Interest and penalties do apply to years in which you owe money. The interest charged on late payments changes quarterly. During the last several years the interest rate has ranged from a high of 9 percent to a low of 7 percent.
The penalty for filing late is generally not more than 25 percent of the amount owed. The penalty for paying late is 1/2 of 1 percent per month, up to 25 percent of the amount due.
So if my friend's family generates 1,000,000 in taxes every year.
@9% per year (1,000,000*.09=
25% of the amount due (.25*1,000,000= 250,000)
first year (1,000,000*.09) + (.005*1,000,000*12) =150,000
second year =150,000
third =150,000
Thus, one would pay 150,000 instead of approximately 1,000,000.
Fifteen percent of the amount owed?
The penalty for filing late is generally not more than 25 percent of the amount owed. The penalty for paying late is 1/2 of 1 percent per month, up to 25 percent of the amount due.
So if my friend's family generates 1,000,000 in taxes every year.
@9% per year (1,000,000*.09=
25% of the amount due (.25*1,000,000= 250,000)
first year (1,000,000*.09) + (.005*1,000,000*12) =150,000
second year =150,000
third =150,000
Thus, one would pay 150,000 instead of approximately 1,000,000.
Fifteen percent of the amount owed?
You don't understand. That is in ADDITION to paying the taxes.
Quote from rowenwood:
Interest and penalties do apply to years in which you owe money. The interest charged on late payments changes quarterly. During the last several years the interest rate has ranged from a high of 9 percent to a low of 7 percent.
The penalty for filing late is generally not more than 25 percent of the amount owed. The penalty for paying late is 1/2 of 1 percent per month, up to 25 percent of the amount due.
So if my friend's family generates 1,000,000 in taxes every year.
@9% per year (1,000,000*.09=
25% of the amount due (.25*1,000,000= 250,000)
first year (1,000,000*.09) + (.005*1,000,000*12) =150,000
second year =150,000
third =150,000
Thus, one would pay 150,000 instead of approximately 1,000,000.
Fifteen percent of the amount owed?
so what does one pay per month, quarter, or, to pay the money owed. How long cn one stve paying the intial? Do you have a reference page for this info?
hoodooman:
Yes, I suppose the majority of the money to be made, saved or, is in the years before the audit, but I'm still uncertain about how much one pays on the quarterly payments system?
hoodooman:
Yes, I suppose the majority of the money to be made, saved or, is in the years before the audit, but I'm still uncertain about how much one pays on the quarterly payments system?
No, I don't know where it is on the IRS website. I think you need to talk to a tax accountant or do some research on the IRS website.
Quote from rowenwood:
so what does one pay per month, quarter, or, to pay the money owed. How long cn one stve paying the intial? Do you have a reference page for this info?
I suppose the money to be made, saved or, is in the years before the audit.