If I have to pay my taxes late...
 

I'm about halfway through doing my taxes/determining my net income, and so far it looks like the amount I owe will be less than expected. If for some reason, it ends up being more, there is a real chance I won't be able to pay the full amount by April 15th. If this is the case, how should I handle this, and what can I expect to pay in terms of penalties. I would be able to pay maybe 80% of what I owe on time and the rest a month or two late.

Re: If I have to pay my taxes late...
 

Google is your friend.

Something like "late taxes penalties" works nicely.

Re: If I have to pay my taxes late...
 

It's something like 2% of what you originally owed per month I believe.

Re: If I have to pay my taxes late...
 

[ QUOTE ]
I'm about halfway through doing my taxes/determining my net income, and so far it looks like the amount I owe will be less than expected. If for some reason, it ends up being more, there is a real chance I won't be able to pay the full amount by April 15th. If this is the case, how should I handle this, and what can I expect to pay in terms of penalties. I would be able to pay maybe 80% of what I owe on time and the rest a month or two late.

[/ QUOTE ]

Yeah I file late every year because I am lazy. Last year I owed more than I estimated. TurboTax figured it out for me, it's probably somewhere in their Q&A if you use it.

Re: If I have to pay my taxes late...
 

Make sure that you file your tax return even if you can't pay all that's due. Many people make the mistake of not filing and the penalties will start to add up very quickly if you don't file. File the return. Pay what you can with it and then pay the remainder as quickly as possible. I believe late payment penalty is 1/2% per month plus interest. Pay this balance before any estimates for next year.

BTW, to the poster who said to google, google's great but people with experience are better.

Re: If I have to pay my taxes late...
 

Pay the 80% with an extension, when you get the other 20%, then file the return. File and pay the state on the original due date (April 15th or May 1st).

Re: If I have to pay my taxes late...
 

One more question that Google didn't help with. I'll be leaving the country next week and probably won't be back until December. If I have to pay some of the money late, will I be able to call the IRS or find out online how much the interest and penalties are? If I had to, I could have my mom or someone open the letters and relay this information to me, but I'd prefer not to share personal info.

Re: If I have to pay my taxes late...
 

Never call the IRS for this information. Let them bill you. Now a time line.

Extended filing date: October 15, 2007
Actual filing date: Say July 15, 2007
Letter from IRS for additional amounts: Between Sept 15th and October 15th
Follow up letter: Betwwen November 15th and Dec 15th
Certified letter: Jan 2008 and every month thereafter
Actual phone call from IRS guy: Dec 2008
Visit from pissed off IRS collection officer (and these guys are major pricks): Dec 2009

I think your fine, just tell mommy that IRS is sending a small interest notice, and not to worry.