 Is it true that people who make over $90K a year don't pay social security taxes? |
| I have read two books recently (one published in 2003 and one in 2006) that said that people with $90K plus incomes don't pay into social security. Is that true, and if it is true, why?!... |
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 We had our first child in July, what does that mean for our income taxes? |
1. Do we get some kind of a child credit now? If so, how much?
2. We did not change our exemptions, how much extra would 1 extra deduction translate into our refund?
3. I think I... |
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 Is there a way to not pay a penalty on my taxes for withdrawing a retirement fund? |
| I closed a retirement account to help pay off bills so I could reduce my debt to income ratio and buy a house. I know in some ways you can write this off on your taxes maybe if it was used for the ... |
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 How should I file my taxes? |
| My boyfriend doesn't pay taxes. Probably never will. If we get married, how can I file my taxes without giving red flags to the IRS about him? My taxes get taken out of my check so it's ... |
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 Could i sue the council over council tax arrears? |
| hi would it be possible to do the above ,my council waited thirteen years they never contacted us then when they did i was 14000pounds in arrears i know i have a responsibility ti pay but surely they ... |
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 Is it true you have 3 years to file a 1099-misc form? |
I was told that,and need to know if its true or not,
Additional Details
I received a 1099 from someone i worked for. He never took taxes out thats why i got the 1099. how many tears do i ... |
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 My boss says I'm an independent contractor so that he doesn't have to pay taxes for me. What can I do? |
| I am an insurance agent who works for an insurance broker. We have to be in the office from 8:50am-5:00pm. We are not given a lunch break and eat at our desks. We are told which companies to write ... |
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 How do I change my tax status from self employed to employed? |
| I'm no longer working for myself, and now have a full time job. But I am still registered as self-employed. How do I change this?... |
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 If i were to owe back child support can they take my tax rebate? |
I don't owe it but my sister does. I don't have any kids
Additional Details
Ok so let me ask this... I don't know the amounts my sister owes but she is saying that even ... |
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 If i rent a house, can i somehow deduct some of that on my tax return? |
| basically, do i even report i pay rent or does it matter...i am going to start doing my own taxes and wanted to know if this is something i need to to add to a return for next year.... |
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 What are the secrets to getting a big tax refund at the end of the year? |
The nation's average return is $ 2,500 according to money.com.
http://money.cnn.com/200
Why am I only getting under ... |
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 What is the MINIMUM amount you can make for the year and be required to file taxes? |
OR what is the MOST you can make and NOT have to file? (same difference)
also if you dont file this year...would it be possible to file for both your 2005 and 2006 taxes next year?
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john b | Does one have to pay taxes as an independent contractor? |
my friend made $50,000 in 2005 and over $100,000 in 2006 so far as an independent contractor (1099-misc). she did not file for 2005 income and believes she can get away with not paying as much as she owes for 2005 and will owe for 2006 by settleing with the IRS when and if they contact her. i want to give her some advice on this but do not want to scare her un-neededily. if she made this amount ($100,000) in 2006 so far i estimate she would owe almost $40,000 in taxes. she says she has $30,000 in savings but will get rid of it before the IRS contacts her and then will settle for a lesser amount. (maybe use the $ to buy a car, which she believes the IRS can't confiscate if it is her only means of transportation). is this true? why hasn't the IRS contacted her about the $50,000 she made last year (1099-MISC). any advice? thank you. |
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dreamweaver.629ok
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The IRS can be slow but when they finally catch up with your friend, if she is doing the things you say she is, she will probably end up in jail, with all her assets confiscated. Yes, they will confiscate her car, her home, anything she has of value.
It is a federal offense to not pay your income taxes. The sooner she gets things straightened out, the better. And it will be much better if she voluntarily tries to set things right than if the IRS comes after her.
Use every scare tactic you can. It still will not match the reality of what the IRS can do. Do you know that the way the government has caught a number of major crime figures is on tax evasion - not the many murders and other crimes they have committed?
Your friend may get away with it for a while, but the chances of her getting away with it forever are very limited. It is much better to face the music now and get it over with than to wait for the IRS to catch her - they will NOT be merciful. |
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piths77
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For starters everyone has to pay taxes. Independent contractors (1099-MISC) more so because they have to pay social security and medicare taxes(the Self employment tax).
Secondly, the IRS is about 2 years behind in auditing, so your friend will be contacted soon.
Thirdly, the IRS will go after any asset in the event the case reaches a collection agent. |
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Andreas
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The company I work for as Controller uses independent sales agents and issues 1099's for their commission payments. For the past 4 months, I have been sending the IRS 100% of the commission due to one of our agents as part of a garnishment for back taxes, penalties and interest. The penalties and interest amount to nearly 50% of the tax that was owed. There is no statute of limitations where fraud is involved in tax matters and this person is being levied for tax years between 1994 to 2002. This guy doesn't care any more because he is 82 years old, but he will never see another dime from us because the IRS made his levy permanent at 100% of his net.
Tell your friend about that! |
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Nep-Tunes
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Yes, she does have to pay taxes. All independent contractors do. The IRS has not audited her and that is why she is still free. They will confiscate anything that is an asset, even your house. They don't care. If you owe them money, you either pay or go to prison. It is not a joke. |
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bata4689
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The short answer is yes. As a minimum, you are required to file, even if you owe nothing. If you're behind, they will add penatlies.
Settlements usually require an attorney,
If they have no specific numbers to go by, they use your "lifstyle," and compare it to the income of similar households.
Unllike the bankrupcy court, the IRS can confiscate anything they damn well please.
The IRS may wait just so they can maximize the penalities.
The best approach is to put the money into IRAs. Also, being an independent contractor makes all sorts of things, like transportation, work related magazines, home office expenses tax deductible. Mortgage interst and property taxes are always deductible.
My suggestion is to get all back copies of TurboTax Premium (tax deductible) and go through each year's income and deductions, and see where that puts her.
After that, unless she is REALLY lucky, or likes to gamble, she should start shopping for a tax attorney. |
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Wayne Z
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She is going to be in for a world of hurt in the future. She is not only looking at the taxes but, failure to file penalties, failure to pay penalties, and interest.
Yes, they can seize the car and pretty much anything else.
As stated earlier, there is not a statue of limitations on failure to file or fraud.
On the bright, some IRS Agent is going to be in for a nice promotion when they come across her. |
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fcas80
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Expect an interest charge for filing late.
Why should the IRS settle with someone who deliberately did not file? Perhaps they will garnish her future income. |
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zarem
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they will catch up with her, it normally takes about 3 years , then they hit you with interest on all that you owed. I wouldnt want to be her |
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