MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/30356461/delayed S&P 500 +0.8% /quotes/zigman/38649152/delayed DOW +0.8% /quotes/zigman/30356458/delayed NASDAQ +0.8%

need to know
Europe stocks waver | FTSE 100 regains ground
Chinese stocks rebound from earlier selloff

Intel overhauls chip business to revive PC sales
Tesco closes in on $7 bln S. Korea deal
Brent back below $50 as oil prices keep sliding
China tightens controls to fight capital outflows
Morgan Stanley cuts S&P 500 price target
AT&T urges rejection of TRC Capital offer
Amgen finds data falsified in diabetes study


China stock market to close for World War II anniversary

There’s still too many gold market bulls, says Hulbert

McDonald’s set to offer all-day breakfast

No. 1 restaurant for ‘breakfastarians’ is ...
Teacher with 111 tardies blames breakfast

Never use a market order when stocks are selling off

Uber drivers lawsuit  endangers much more than Uber
Uber driver suit can proceed as class-action

How China turned minor yuan issue into global rout
Beijing bumbling is China’s biggest problem

Where every Fed member stands on raising rates

Rate-hike question is what Yellen didn’t want
Boston Fed president: Sept. doubt remains

How LVMH poached Apple digital exec Ian Rogers

What to expect at September Apple event
What to expect from the Apple event on Sept. 9
New on the shelves of your Apple Store: drones
Apple talks to Hollywood for exclusive content
Lost Apple deal leads to 40% job cut at GT

Babe Ruth’s New York apartment is for sale

Building is emerging as strongest sector of economy
U.S. manufacturing growth at 2-year low: ISM

These are the cars that get the most Instagram attention
Best time to buy a new car may be just ahead
U.S. car sales are stronger than expected

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA

September — the cruelest month for stocks?
What Wall Street swoon means for your money

Unlucky lottery winner gets IOU from Illinois

/conga/frontpage.html 353896

Markets »

171.39MDow Volume:
Avg Vol: 111.86M
Unchanged
163
Decliners
5264
Advancers
1172
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,058 -470 2.84%
Nasdaq
/quotes/zigman/12633936/realtime 4,636 -140 2.94%
S&P 500
/quotes/zigman/3870025/realtime 1,914 -58 2.96%
GlobalDow
/quotes/zigman/629063/realtime 2,293 -2 0.10%
Gold
/quotes/zigman/662444/delayed 1,137 -3 0.23%
Oil
/quotes/zigman/2331095/delayed 44.38 -1.03 2.27%
FTSE 100
/quotes/zigman/3173262/delayed 6,079 +20 0.33%
DAX
/quotes/zigman/2380246/delayed 10,052 +36 0.36%
CAC 40
/quotes/zigman/3173214/delayed 4,558 +17 0.37%
FTSE MIB
/quotes/zigman/1482176/delayed 21,660 +208 0.97%
IBEX 35
/quotes/zigman/2759620/delayed 9,986 -7 0.07%
Stoxx 600
/quotes/zigman/2380150/delayed 354 +1 0.18%
Asia Dow
/quotes/zigman/6959860/realtime 2,703 -15 0.55%
Nikkei 225
/quotes/zigman/5986735/delayed 18,095 -70 0.39%
Hang Seng
/quotes/zigman/2622475/delayed 20,935 -250 1.18%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,454 -243 0.95%
Singapore
/quotes/zigman/1709939/delayed 2,878 -5 0.16%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.35%
Yen
/quotes/zigman/16008150/realtime/sampled 120.04 +0.67 0.56%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.12%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.28%
DXY Index
/quotes/zigman/1652083/delayed 95.69 +0.31 0.33%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.48 +0.32 0.36%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.16 +0.01 0.33%
German 10y
/quotes/zigman/15866409/realtime 0.78 -0.02 2.66%
Italy 10yr
/quotes/zigman/15866497/realtime 1.99 -0.01 0.38%
Spain 10yr
/quotes/zigman/15866444/realtime 2.15 +0.01 0.41%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.81 -0.02 1.00%
Japan 10yr
/quotes/zigman/15866525/realtime 0.39 +0.03 8.56%
Crude Oil
/quotes/zigman/2331095/delayed 44 -1 2.27%
Gold
/quotes/zigman/662444/delayed 1,137 -3 0.23%
Corn
/quotes/zigman/7599553/delayed 369 0 0.00%
DJIA F
/quotes/zigman/38649152/delayed 16,214 +127 0.79%
S&P F
/quotes/zigman/30356461/delayed 1,931 +15 0.80%
Silver
/quotes/zigman/3134148/delayed 15 0 0.65%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 87.23 -2.20 -2.46%
AAPL /quotes/zigman/68270/composite 107.72 -5.04 -4.47%
GOOG /quotes/zigman/30194416/composite 597.79 -20.46 -3.31%
BAC /quotes/zigman/190927/composite 15.58 -0.76 -4.65%
C /quotes/zigman/5065548/composite 50.94 -2.54 -4.75%
F /quotes/zigman/264304/composite 13.72 -0.15 -1.08%
T /quotes/zigman/398198/composite 32.32 -0.88 -2.65%
BP /quotes/zigman/247026/composite 32.14 -1.40 -4.17%
GE /quotes/zigman/227468/composite 23.88 -0.94 -3.79%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/12221594/composite AMBA-6.30%
  • /quotes/zigman/10944615/composite FIVE-3.10%
  • /quotes/zigman/102711/composite FSYS-4.23%
  • /quotes/zigman/76117/composite EBAY-2.32%
  • /quotes/zigman/1502728/composite UUP-0.60%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

Email address

Password

Forgot password?

SmartMoney Blogs

The Tax Blog
The latest news, insights and tips about taxes

What To Do If You Owe Taxes

It’s not yet April, but many of us already have gotten the bad news – Uncle Sam is going to hand us a bill.  About one in four tax returns have a balance due, according to the Internal Revenue Service. And that could be painful. In 2008, the average bill was a whopping $5,000.

Getty Images

The good news is that there’s still time to plan, and you have a number of options before taxes are due on April 18.

Federal taxpayers can choose between swiping and putting the balance on a credit card, starting a payment plan with the IRS, and of course, just paying the bill in full.

If you have the money, your best options include writing a check, making an electronic payment when you e-file your return, or enrolling in the U.S. Treasury’s free service for paying federal taxes electronically, the Electronic Federal Tax Payment System.

But even if you can’t pay the balance now, make sure to file your tax return by April 18, or request an extension in order to avoid late filing penalties, says Melissa Labant of the American Institute of Certified Public Accountants.   Late filing penalties are normally 5% of the tax owed for each month your return is late, for up to five months, according to the IRS. And that’s in addition to late payment interest and penalties on taxes owed.

Be sure to let the IRS know you can’t afford the bill and then “pay whatever you can,” says Labant. “Paying something is better than paying nothing.” That cuts down on late payment penalties and interest charges since the IRS generally charges interest on any unpaid tax from the day the tax is due to the date it is paid. The interest rate, currently at 4%, is determined quarterly, and is normally set at 3 percentage points over the federal short term rate. And that doesn’t include late payment penalties, which are normally 0.5% of taxes owed a month.

Taxpayers who need less than four months to pay off a balance may be able to set up an informal payment plan with the IRS, says Elaine Smith, an enrolled agent and tax professional with H&R Block.  Those who need more time can set up an installment agreement with the IRS, where the late payment penalty is reduced to .25% a month.  If the agreement is approved, taxpayers are charged a one-time fee of up to $105, but that fee is slashed to $52 for people who agree to have payments deducted directly from their bank accounts. Certain low-income individuals can qualify for a $43 fee.

You can also buy yourself a 30-day extension by putting the balance on a credit card, but you have to go through an IRS approved service provider that will charge a convenience fee of roughly 2% to 2.4%, plus there is the interest charge you might get from your credit card company.  (Crunch the numbers because the interest charges on your card may be less than the late payment penalties charged by the IRS). And a “zero percent credit card could buy you even more time,” says Smith.

Your options are different if you owe state taxes because some states offer payment plans or let you pay with a credit card and others do not. Contact your state department of revenue to figure out what your options are.

One other important step is to make sure this doesn’t happen again, tax experts warn. Use the withholding calculator on the IRS website to figure out if you need to adjust your income tax with holdings on your W4 form. You might find yourself with a tax bill after a big life change— getting married or divorced, having a baby, moving out of home for the first time, changing jobs and selling a house, to name a few. So make sure to contact a tax professional or consult the IRS if you have any questions.

Readers, did you find yourself with a surprise tax bill this year? What payment options do you recommend?

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 8)

View all Comments »
    • I actually wished to compose a small note to thank for you for a number of the pleasant secrets you might be showing on this internet domain.

    • 1

    • -1′

    • I found just what I was neeedd, and it was entertaining!

    • WBas3M It’s spooky how clever some ppl are. Thanks!

About The Tax Blog

  • The Tax Blog brings together a team of award-winning tax journalists from the Dow Jones network and around the web to examine the tax issues, changes and legislation that affect families, investors and small business owners. Our contributors include Tax Report columnist Laura Saunders (WSJ), Tax Guy columnist Bill Bischoff and senior reporter Jilian Mincer (SmartMoney.com), retirement-focused reporter Anne Tergesen (WSJ), wealth management writer Arden Dale (Dow Jones Newswires), TaxWatch columnist Eva Rosenberg and personal finance reporter Andrea Coombes (MarketWatch), and reporter Alyssa Abkowitz (SmartMoney). They’ll provide the latest news and insight, mine the tax code for tips and loopholes, and answer your questions about tricky tax situations. Contact the The Tax Blog with ideas, suggestions or tax questions at thetaxblog@dowjones.com.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/30356461/delayed S&P 500 +0.8% /quotes/zigman/38649152/delayed DOW +0.8% /quotes/zigman/30356458/delayed NASDAQ +0.8%

need to know
Europe stocks waver | FTSE 100 regains ground
Chinese stocks rebound from earlier selloff

Intel overhauls chip business to revive PC sales
Tesco closes in on $7 bln S. Korea deal
Brent back below $50 as oil prices keep sliding
China tightens controls to fight capital outflows
Morgan Stanley cuts S&P 500 price target
AT&T urges rejection of TRC Capital offer
Amgen finds data falsified in diabetes study


China stock market to close for World War II anniversary

There’s still too many gold market bulls, says Hulbert

McDonald’s set to offer all-day breakfast

No. 1 restaurant for ‘breakfastarians’ is ...
Teacher with 111 tardies blames breakfast

Never use a market order when stocks are selling off

Uber drivers lawsuit  endangers much more than Uber
Uber driver suit can proceed as class-action

How China turned minor yuan issue into global rout
Beijing bumbling is China’s biggest problem

Where every Fed member stands on raising rates

Rate-hike question is what Yellen didn’t want
Boston Fed president: Sept. doubt remains

How LVMH poached Apple digital exec Ian Rogers

What to expect at September Apple event
What to expect from the Apple event on Sept. 9
New on the shelves of your Apple Store: drones
Apple talks to Hollywood for exclusive content
Lost Apple deal leads to 40% job cut at GT

Babe Ruth’s New York apartment is for sale

Building is emerging as strongest sector of economy
U.S. manufacturing growth at 2-year low: ISM

These are the cars that get the most Instagram attention
Best time to buy a new car may be just ahead
U.S. car sales are stronger than expected

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA

September — the cruelest month for stocks?
What Wall Street swoon means for your money

Unlucky lottery winner gets IOU from Illinois

/conga/frontpage.html 353896

Markets »

171.39MDow Volume:
Avg Vol: 111.86M
Unchanged
163
Decliners
5264
Advancers
1172
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,058 -470 2.84%
Nasdaq
/quotes/zigman/12633936/realtime 4,636 -140 2.94%
S&P 500
/quotes/zigman/3870025/realtime 1,914 -58 2.96%
GlobalDow
/quotes/zigman/629063/realtime 2,293 -2 0.10%
Gold
/quotes/zigman/662444/delayed 1,137 -3 0.23%
Oil
/quotes/zigman/2331095/delayed 44.38 -1.03 2.27%
FTSE 100
/quotes/zigman/3173262/delayed 6,079 +20 0.33%
DAX
/quotes/zigman/2380246/delayed 10,052 +36 0.36%
CAC 40
/quotes/zigman/3173214/delayed 4,558 +17 0.37%
FTSE MIB
/quotes/zigman/1482176/delayed 21,660 +208 0.97%
IBEX 35
/quotes/zigman/2759620/delayed 9,986 -7 0.07%
Stoxx 600
/quotes/zigman/2380150/delayed 354 +1 0.18%
Asia Dow
/quotes/zigman/6959860/realtime 2,703 -15 0.55%
Nikkei 225
/quotes/zigman/5986735/delayed 18,095 -70 0.39%
Hang Seng
/quotes/zigman/2622475/delayed 20,935 -250 1.18%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,454 -243 0.95%
Singapore
/quotes/zigman/1709939/delayed 2,878 -5 0.16%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.35%
Yen
/quotes/zigman/16008150/realtime/sampled 120.04 +0.67 0.56%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.12%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.28%
DXY Index
/quotes/zigman/1652083/delayed 95.69 +0.31 0.33%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.48 +0.32 0.36%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.16 +0.01 0.33%
German 10y
/quotes/zigman/15866409/realtime 0.78 -0.02 2.66%
Italy 10yr
/quotes/zigman/15866497/realtime 1.99 -0.01 0.38%
Spain 10yr
/quotes/zigman/15866444/realtime 2.15 +0.01 0.41%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.81 -0.02 1.00%
Japan 10yr
/quotes/zigman/15866525/realtime 0.39 +0.03 8.56%
Crude Oil
/quotes/zigman/2331095/delayed 44 -1 2.27%
Gold
/quotes/zigman/662444/delayed 1,137 -3 0.23%
Corn
/quotes/zigman/7599553/delayed 369 0 0.00%
DJIA F
/quotes/zigman/38649152/delayed 16,214 +127 0.79%
S&P F
/quotes/zigman/30356461/delayed 1,931 +15 0.80%
Silver
/quotes/zigman/3134148/delayed 15 0 0.65%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 87.23 -2.20 -2.46%
AAPL /quotes/zigman/68270/composite 107.72 -5.04 -4.47%
GOOG /quotes/zigman/30194416/composite 597.79 -20.46 -3.31%
BAC /quotes/zigman/190927/composite 15.58 -0.76 -4.65%
C /quotes/zigman/5065548/composite 50.94 -2.54 -4.75%
F /quotes/zigman/264304/composite 13.72 -0.15 -1.08%
T /quotes/zigman/398198/composite 32.32 -0.88 -2.65%
BP /quotes/zigman/247026/composite 32.14 -1.40 -4.17%
GE /quotes/zigman/227468/composite 23.88 -0.94 -3.79%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/12221594/composite AMBA-6.30%
  • /quotes/zigman/10944615/composite FIVE-3.10%
  • /quotes/zigman/102711/composite FSYS-4.23%
  • /quotes/zigman/76117/composite EBAY-2.32%
  • /quotes/zigman/1502728/composite UUP-0.60%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

Email address

Password

Forgot password?