Jugador
04-14-2007, 01:19 PM
I owe the IRS an amount that I am unable to pay currently. Therefore, I will be setting up a payment plan with them to repay '06 taxes that are owed over an extended period of time (less then a year).
This is my first year filing as a full-time player and clearly did not plan properly for tax season. However, I also have the matter of 1st quarter '07...
Can I be on a payment plan on '06 taxes and wait on filing my '07 taxes until April next year, or is it a must that I begin filing quarterly? I had read somewhere previously that it was better to wait until the end of the year and just pay the penalties, because I can make much more through play compared to the penalties. But if I do this will the IRS view my payment plan as null and void because I owe for 07 taxes also?
Any insight/advice is greatly appreciated!
This is my first year filing as a full-time player and clearly did not plan properly for tax season. However, I also have the matter of 1st quarter '07...
Can I be on a payment plan on '06 taxes and wait on filing my '07 taxes until April next year, or is it a must that I begin filing quarterly? I had read somewhere previously that it was better to wait until the end of the year and just pay the penalties, because I can make much more through play compared to the penalties. But if I do this will the IRS view my payment plan as null and void because I owe for 07 taxes also?
Any insight/advice is greatly appreciated!