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Home > Money & Services > Taxes   »   tax payments

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Old Feb 17, 2008, 07:26 AM
Fullspan
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tax payments
HI
I have question regarding my taxes. Actually there were some inconsistencies last year with my payrolls and now i have to pay some taxes to IRS. Federal taxes are around 2400 $ and state taxes are around 900$ that i need to pay this year. I can't pay that much money at once.
Can I pay in installments? How do I do that? How do they decide interest rate?
Please help me.
thanks

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Old Feb 29, 2008, 12:36 PM   #2  
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Recommend you PAY the state and set up a payment plan with the IRS. They willcharge about $70 to set up the plan, then you pay it offin onthly payments just like a car loan.

They will charge about 8% annually in interest.

The state will probably also set up a payment plan, but paying off $900 over time is not worth the effort IMHO.
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Old Feb 29, 2008, 08:09 PM   #3  
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Thanks Atlantis.. I will do the same as you said. I will pay off state Tax but go with installment with Federal.
really appreciate your response.
thanks
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