wartz
 |
The penalties normally charged on delinquent returns are
Late filing penalty of 5% of the unpaid tax per month to a maximum of 25%
Late payment penalty of 1/2% per month (except for months that late filing penalty is charged) to a maximum of 25%
Failure to pay Estimated Tax (prepayments) at a rate based on the interest rate charged on deliquent taxes. (Rough guess, 3% of the unpaid tax.)
Your husbands total will probably shake out at about 160% of any unpaid tax. For 2005 and 2006 (and 2007?) you should "do it both ways" and prepare joint returns before deciding how to file.
You should definitely file original returns instead of letting IRS do it for you because if he decides to file bankruptcy, tax on returns filed by the taxpayer get more generous treatment than if you don't file.
If the balance due is under $25,000 and can be paid within five years, a taxpayer can be given an installment agreement without any fuss. This will take about $22 per month per thousand dollars.
I am an enrolled agent, a tax specialist licensed by the Treasury Department Office of Professional Responsibility to represent taxpayers the same way as attorneys and CPAs. I specialize in clients who have substantial outstanding tax liabilities or long periods of failing to file returns. If you would like some additional information outside this forum, you can send me email through my profile. |
|
Jeremiah
|
A coworker of mine did that too. She is paying it in installments--apparently you can negotiate with the IRS to pay it over time. |
|
Manda
 |
Here's a bit of help
http://www.unclefed.com/AuthorsRow/GretaHicks/nonfile.html |
|
catskillflower
|
my uncle went through this....he was hit but not hard...penalties more then anything...you don't have to file everything for that year all at once...you can do 2006 in 2007...sooo....dont be to worried more then likely it will work itself out....depending on what kind of work he is in....and if it fails...they usually let you make payments...w/ interest of course...or you could take out a loan...DON"T LET HIM DO THIS AGAIN LOL |
|
immutablesteelflash
|
Unless you're self employed, your taxes are automatically deducted from your paycheck. What you file is your tax RETURN, meaning the government sends YOU a check. So by not filing you're really just screwing yourselves out of a lot of money. |
|
Texas granny turtle
 |
I cant answer every thing but do know they can tae part of your earnings, bank account in yiour name toward this if payments arent being started. My husband didnt pay what owed for two years and about a third of my SOC SEC disbility was withheld first year I was on it even though he made decent money. You might should ask lawyer how much they will hold you acooun table for. This is serious. Keep copy and records of all lettters sent even if just in his name for refeerence later. AND even if you get caught up it takes months to show as clear on records. Sorry for bad news. *mamatx |
|
visvardis
 |
joint return 2006 2007 your both screwed the irs can garnish wages eat up your homes equity taxes penalties and interest its going to get you |
|
msnatesh2004
|
They will set up a payment plan for you?????? But they should have caught it in 2005 unless he filed in 2005 for all the previous years at that time!!
If not they still will work with him but he needs to make sure and do it soon
!!!
B4 they start looking for him...then there is no helping at all |
|
John Scott
 |
Your husband should call the IRS at the number on the notice. They may be able to determine that he doesn't have to file all of those returns, based on information he gives them. Once they determine what returns are required they will set a deadline for submitting them. Once all the returns are processed he can request a payment plan to pay off the balances in one monthly payment. |
|
krystal
|
Talk to a lawyer, asap. Or someone that knows more about taxes.. |
|
Judy1
 |
If he's been working as an employee and getting a W-2 for his income, it might not be as bad as you are thinking, and he might even have refunds coming for some of those years - it's too late to collect them for years before 2005.
If he has his own business or works as an independent contractor, he probably owes a boatload of back taxes. If that's the case and he/you can't pay them all at once, the IRS will set up a payment plan.
For the years before you got married, he'll have to file his own returns, and you won't be responsible. For 2006 (and what happened to 2007?) if you file a joint return, you become responsible for the tax right along with him, so you might want to consider whether you really want to do that or have him file as married filing separately.
Good luck. |
|
Cuppycake♥
|
I have watched those tapes that the guy mentioned above but taxes are the law. This guy is a conspiracy theorist, and way to many people have done hard time for tax evasion, whether it is a law or not. The country would be in an awful state if no one payed them. We would be like Afghanistan or something. No improvements, no teachers, no education and living in a giant pile of rubble. Everyone needs to pay them. |
|
人é¢ç£å¿ƒ
|
Get away from him fast - otherwise your life is about to become very very unpleasant. |
|
lazarus
|
One guy had it right... The Arron Russo film is correct in what it reports that there is NO LAW that requires most Americans to file or pay an income tax on their "private sector" earnings. Notice I said "earnings" and not "wages" Wages are taxable. The term "wages" is a special term that is defined in the tax code. If you really want to learn the truth about the "Income Tax" and what you can legally do about it go to "losthorizons.com" By the way, I have not filed or paid "income taxes" since 1976. In 2005 I had to take a regular job and taxes were withheld from my pay. I filed and got a 100% refund of all taxes withheld and that also included Social Security and Medicare taxes. |
|
eastwoodelvis
 |
Your screwed.. Once their on to you they will pursue you for the monies owed including interest and fines.. Sorry but thats the way it is... They always get you in the end... Its important that you are up front with the revenue or IRS if your American.. |
|
Tyler
|
That's crazy. Crazier than apples on elephants.
Seriously though, ask some financial person or something, not an average person on Yahoo Answers. |
|
Bonnie C
|
I he has money coming, no problem. If he owes, giant penalties......... |
|
sassymama
|
Well I always ***** about my bf to file his taxes he says you have 7 years to file..... So get filing lol |
|
Kubota Oh
|
Did you know that there is no law stating one must file and pay income tax? It is actually against the law for the government to charge the people tax for their labor. Go to freedomtofascism.com for more info. Watch some of the videos of Aaron Russo. Pretty interesting. |
|
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
