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Re: Another Tax Question Posted by Rod [Email] (#3128) [Profile/Gallery] (more from Rod) on Tue, 28 Feb 2006 08:51:44 In Reply to: Another Tax Question, Liam, Tue, 28 Feb 2006 08:09:53 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Total tax liability probably isn't as bad as you think. The standard deduction for a single person in 2005 is $5,000 and the personal exemption is $3,200, so that brings $19,500 of total income down to $11,300 (assuming no kids or other dependents).
Federal tax on $11,300 would be $1,360, of which some has already been withheld. It's still a chunk of change, but not a "few thousand". If she thinks she can pay this fairly quickly then I would just get her to pay what she can with an extension by April 15th and file the return shortly after that with the rest of the payment. There will be penalties and interest but these will be quite small. If it's going to take more than a couple of months to get the payment together then call the IRS or go into the local office and explain the situation - they're always happy to see honest taxpayers who are making a genuine effort to pay their liabilities.
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