Q: We are paying back taxes owed, but it is way more than we owed because of interest & fines. Can anything be done?
The taxes owed are due to claiming more dependents after kids left home and it was not caught until we reviewed w2 form.
A: If you are paying federal taxes then you can request a one-time penalty abatement. This will abate penalties (not interest) for the first year a taxpayer owes taxes. As the name suggests this is a one-time option. Wait until you have paid the base tax due and then call the IRS and request the abatement.
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