So you have been working yourself to death making payments on past due taxes owed and now this year you would have BUNCHES coming back…but not for you. You are an I.R.S. delinquent tax payer. Go ahead, jump off the porch roof, scream a little with the figures of money dancing in your head but, alas, it’s not to be! No $200 or more one-time economic rebate and no earned income credit no matter how bad your little beasties have been this year. The I.R.S. isn’t Santa Claus and you don’t even get a box of rocks!
Keep Up the Payments
You’ve got NADA coming back and you must file, so why hurry? They know when you file that you have a refund that will go for the arrearage of your taxes…so why not just let them wait a bit? Because you are still liable for on-time payments until they actually credit your account with your refund amount…and that can take several weeks, even after other people get their refund! So don’t drag your feet…especially if your refund may wipe out your debt, which incidentally is gaining interest daily!
Are There MORE Wee Little Debts You Owe?
Not only will the feds get what you’ve got coming from refunds or rebates, they will also collect swiftly on any student loans, state or federal taxes and any past due child support you owe. The eyes are upon you and NOTHING gets past the feds!
Don’t even THINK about just not filing because you owe past due payments. Interest and penalties will KILL your credit! Not paying might seem like sweet revenge but you’re the loser when payments aren’t credited quickly, not the IRS!