Ask Experts Questions for FREE Help !
Ask
    pluckyflamingo's Avatar
    pluckyflamingo Posts: 220, Reputation: 17
    Full Member
    		  
    #1

    Apr 2, 2008, 07:31 AM
    Paying Income Tax
    My husband and I owe money on our taxes this year about $2800. We were thinking of filing an extension to save up the money to pay but it says we have to pay interest and a penalty charge each month it goes unpaid. However I cannot seem to find the interest charge rate. I live in Texas so is there a website I can go to, to find out the rate. Or do you think it would be cheaper to go to the bank and just get a loan.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 5, 2008, 10:32 AM
    Get the loan.

    The penalty is 5% per month for every month late up to five months.

    This is on top of the 8% annual interest rate.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

On NJ Tax form, for income taxed by NY, do I use the NY AGI or NY Taxable Income amt? [ 1 Answers ]

When filling out the NJ Income Tax form, I have to identify the amount of income taxed by NY State. Do I use the Adjusted Gross Income value (NY form IT-203) line 31, or the NY Taxable Income value from line 37?

Why am I paying NY tax on income earned partial year in PA while living in PA? [ 1 Answers ]

Help, I lived in PA for 2007 and remain a resident in 2008. I worked partial year in PA and worked remaining of the year in NY. While in NY, NY taxes were taken on income earned. Turbo tax showed that NY taxes are calculated on federal income. Why? I am paying taxes on both in PA because I am...

Paying ga. State income taxes on income earned in another state [ 1 Answers ]

I earned money working in Texas, which does not have a state income tax, however I discovered when I filed my taxes I was being assesed taxes on income I did not earn in Georgia, I don't know the law, but I feel this is unfair.

Income Tax on Social Security & Interest Income [ 1 Answers ]

I collect SS, withdraw interest income monthly and sell real estate. I am wondering since my interest income & real estate commissions exceed the SS allowable income cap of $12,000 will my SS for the next year be reduced? Will my real estate expenses be deductible from taxes owed on my...

H1B, employer not paying withheld income taxes [ 3 Answers ]

I know that my employer isn't paying the income taxes that he withholds from my salary. Does that affect my situation regarding my H1B? I mean in the application it says that I should be paid a certain salary to have this Visa and if the taxes that are withheld are not paid it will look like I have...

View more questions Search