 Self employed and cant pay tax?!? |
| I will owe around 10grand in tax in Jan 2010. What happens if I dont have this money or any access to get it? Can I pay in installments?... |
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 What happens if you don't file taxes, AND you owe them? |
I am self employeed, and with todays economy it is turning out to be a very bad time in my life financially.
Last year I didn't file taxes because the company I was working for as a ... |
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 I am a part time employee and taxes aren't deducted from my paycheck, how do I file my taxes? |
| I just moved to New York City and work a part time job. Every week my boss cuts me a check for my hours but he does not deduct tax from this. How do I figure out how much I am going to owe? This ... |
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 Re Council Tax benefit - continued receiving HB & now to meet 2 investigators in a taped interview what'll hap |
| I stupidly/lazy didn't notify CT of a change in circumstances (better job more money) - I don't dispute repaying the money £500.00 but they still want me in for an interview - what can I ... |
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 Anyone else recieve the incorrect amount for their tax rebate? |
| I should have gotten $1500, because I am married with 1 child. We checked the calculator and it said the same. But I only received $1200. Why did I get screwed and what can I do to get the extra $3... |
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 I got an email from service@irs.bu.gov After the last annual calculations eligiblefor a tax refund $184.80? |
Internal Revenue Service (IRS)
United States Department of the Treasury
After the last annual calculations of your fiscal
activity we have determined that you are eligible
... |
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 Who has not filed thier taxes yet!? |
| only those old enough to be concerned need ... |
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 How can i find out the real social security number of a person?? |
i have name, complete address, phone of person but i dont have the real ssn of him. how can i get it?
Additional Details
this person gave me his ssn, but the IRS faxme a not match ... |
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 Where is the least expensive place to retire in US? |
| I would like to know where to retire where taxes are cheap and there are things to enjoy. The weather should be nice whole year round and there should be an airport hub nearby. It should be a safe ... |
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 Can he claim my kids, too? |
| My fiance and I are getting married on November and I don't work so how should he file this year? Is it joint or does he claim me as a dependant and my kids? Can he claim my kids? I received ... |
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 My Ex Did What???? |
| Ok, so the divorce isn't final yet, BUT he called me today to tell me that his return was delayed because he reported MY income on HIS return. Apparently he filed "married". I filed H... |
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 I am self-employed what taxes I have to pay? |
| Hey, I am self-employed and I wonder how am i going to pay my taxes, who do i go to, and what kind of taxes do i have to pay? Is it the same as a buiness owner?... |
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 All of you who say that the government legally taxes you....? |
| Do you know that the Federal Reserve is NOT a government agency,. rather they are a group of private banks, and that they profit from your taxes? Like they say...the truth is out there....you just ... |
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dukefan826 | I'm self-employed and I wasn't able to file for my taxes this year? Please help ASAP!? |
I was in the process of moving in January 07' and I never received my tax forms for my previous job. I was a "self-epmloyee" so no taxes were taking out of my checks throughout the year.. I started my job in early 06' and I probably made around $10,000 for the year. What should I do? What are the penalties for not filing on time and how much am I looking at paying? Please help me soon because I know I need to get this taking care of as soon as possible! |
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PepsiLime
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by being self-employed you will have fill out a Schedule C as part of your 1040 income tax return, and declare the $10,000 in income on that form. Unfortunately by being self-employed you will have to pay self-employment tax in addition to the regular income tax. For the $10,000 in income if you are single and had no dependents, you would get to take the standard deduction of $5,150 for a single person, and the personal exemption of $3,300 leaving you with $1,550 in taxable income, which would have a tax of $156. Unfortunately the self-employment tax would be 15.3% of 92.35% of the $10,000, and that tax would be $1,413. You would also owe interest and penalties on top of that. The IRS might or might not be willing to waive the penalties, but doubt it on the interest. Your best bet though is to file your 2006 tax return ASAP. As far as an extension as some of the other answers are suggesting, you would have needed to file the extension by the tax filing deadline, April 18, 2007, and still have paid the tax that you owe in order for the extension to be valid. |
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Jessica M
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The truth is you'll need to file a schedule C and a schedule SE and form 1040. You will probably have to file your state taxes as well unless you are in a state that does not have income tax.
In order to determine your total liability you'll have to calculate your net profit first on the schedule C. Then carry that number over to your form 1040.
You have not given enough information to determine how much you will owe because you need to know your age, filing status, and whether or not you filed any estimated tax payments during the year. The penalties are based upon what you earned and paid the year before. |
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Judy1
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Get it filed as soon as possible - penalties will continue to accumulate until then. For info on penalties see page 19 or IRS Publication 17, download it at irs.gov. You are looking at a late-filing penalty of 5% per month, with a minimum of $100. There is also a late-payment penalty of 1/2% per month.
Penalties can be waived if you can show reasonable cause for not filing, but I doubt that the IRS will accept "I moved in January" as a good reason for not filing until July or later. |
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thunder2sys
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call an accountant or a tax attorney who can advise you properly. |
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bbcpa7
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A. Contact the company you worked for and get a copy of the 1099 that they issued.
B. If you need help, get the 1099 and any additional information to a tax accountant for preparation of the return.
C. Submit your returns to the IRS and State asap (before 8/15/07) The IRS late filing penalty is 5% per month (or portion thereof) late.
There are too many unknowns to tell you how much you may (or may not) owe. The IRS may be simpathetic and you can write and ask for an abatement, but on April 15th, you should have filed an extension - that would have cut your penalties down to late payment of only .5% per month. Also, while it is possible the IRS could abate the penalties, it is not likely. |
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IRENE THE BOOKIE
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File your return asap. If you only made $10,000 and you are married and / or children and there are no other sources of income, you may be entitled to an earned income tax credit which could reduce what you owe or maybe be receiving a refund. Don't forget about the telephone tax credit (which is really a rebate although th IRS called it a credit). |
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amysgetaways
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The best bet is to do them ASAP. The longer you wait, the more money you'll have to pay (the IRS charges interest on money owed). You can make arrangements for a payment plan if you owe taxes. You will probably get fined, but it is better to work something out with the IRS then to ignore the problem and hope it will go away. |
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William
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You should immediately file your return with a letter explaining the situation. The money that you owe and you will owe some money should be remitted. The IRS will charge you penalty and interest on the amount due. However if you co-operate and request it, the penalty will probably be waived, especially if you do it now since you could have received an automatic extension to 8/15. Based upon $10K in earnings you should owe a lot of tax and the interest will be minimal, the penalty will probably be waived. |
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kella l
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Call the IRS first and second use your very last paystub for 2006 to file taxes. The IRS might let you still file an extension if you explain the situation and they know you are trying to take care of the issue. If you only made around 10 grand they probably will owe you money. But first call the IRS because they may be able to help get the correct amount for you to file and give you the info you need. |
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