Submitted By: Martha
Answered: August 20, 2013 8:30 am

I filed my tax return electronically in March and underpaid my taxes. I opted to let the IRS figure my penalties and interest, but haven’t heard anything from them yet. Does it always take this long?

Usually, the IRS is rather prompt in asking for additional money. You can contact the IRS by calling 800-829-1040 (Monday–Friday, 7:00 a.m.–7:00 p.m. your local time). When calling, have a copy of your return on hand because you’ll likely be asked questions about your entries (e.g., adjusted gross income; taxable income; tax due) to verify who you are.

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Tax Glossary

Accelerated depreciation

Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.

More terms