odie b
|
There is a minimum that you must make to fill out a tax return,,
Listen,,,you are missing a huge amount money that the government will give you,,,yes even though you did not pay into it
You better just make sure you always get cash,,,,if you get a check it is traceable and you could get you chops busted by
the IRS,,,remember cash,,,,,,,,,,,,,
and remember free money,,,you have kids,,,,,,,,,,, |
Steve
 |
You are a self-employed individual. Therefore, you should be claiming your income. Income includes "under the table" payments. The IRS does not care how you get your income, they just want to be paid.
If audited, the IRS will look at your bank accounts. If you can't provide a valid reason for the deposits, it will be considered income.
By not filing, you are also not getting any benefits that you could be entitled. EIC comes to mind. You can still get a refund even if you had no tax liability.
You also don't get any credit for paying Social Security tax. Being self-employed, you have to pay both the employer's and the employee's share of this. It is called Self-Employment tax and if you filed, you would file Schedule SE.
Since you haven't filed in 3 years, when you do file again, the IRS will probably want to know why you filed 3 years later.
If you decide to get caught up with your taxes, there will be interest and penalties added. To be safe, estimate another 50% for penalties and interest over the total 3 years of tax liability. |
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