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 Very low income? |
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111111 | I had a small bussiness doing no more that 8k grand a yr. I never paid taxes the last two yrs. What do I do? |
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sheila_0123
|
If you filed a regular 1040 form or 1040A, you will need to file a Schedule X for the previous two years and attach and include a Schedule C for each year that you earned money. A schedule C has a place for expenses to be subtracted from earnings (receipts) so that only the actual "clear" money is taxed.
You may complete it yourself or hire someone to do it for you such as H & R Block. It is very important that you get the matter cleared up before the IRS notices and audits you. It is technically a criminal offense to evade paying taxes. The fact that you may not have been aware of the need to report such a small amount is of no consequence. You are still responsible for the taxable amount on the net earnings (after deductions for expenses).
See the website below and look at the Schedule C form...then find the Schedule X form. The Schedule X is a correction form. One merely makes any changes necessary to correct the information that was given on the form that was filed for the years in question. If you lost money, you may be entitled to a small refund. |
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g-man
 |
What that your gross or your net income after expenses?
Did you have any other income?
Was it a Corp, LLC, sole proprietorship? |
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ninasgramma
|
If you didn't pay, well you know what you have to do, pay. You can call the IRS to set up a payment schedule.
But if you didn't file (or didn't report this income), go to a good preparer with your records and you will be filed (or amended) for 2004 and 2005 in no time. If you owe, refer to the first paragraph of this answer. |
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Mathew
 |
If your only income was the 8K you would zero out on income tax for each of those years. However you would be required to file and pay self employment tax if your net was over $400 in any of those years. If you have children you may even have some refundable credit coming which would mean that the government owes you. It would be worth the time to talk to a tax professional. |
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di_cassano
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call IRS to have them send you a Tax return form. |
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Junkyard DOG
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If you had an income of 8k a year, you should have paid taxes. You need to talk to a tax person. Anything that you had to purchase and have receipts for, you can count off in your business. If it is home based, you can count so much off on it. You might really be surprised to find out that you may not have to pay any taxes. You usually will not have a profit for the first five years. It is a good time for you to buy any equipment you need to do your job and any materials, etc. You can also pay estimated tax every 3 month, which isn't much. By all means, find out what to do because you could get in big trouble with the IRS if they can trace any of this back to you. |
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birdwatcher
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Get to your nearest tax preparation agency immediately for help.
First $8,000 a year in sales does not sound that hard to fix.
You don't say that it's your only income - is that gross or net?
You need sales invoices and receipts for proof of all expenses.
To begin with download and print the Schedule C from the IRS
http://www.irs.gov/pub/irs-utl/2006_-_schedule_c.pdf
and if you need more help - try Jackson Hewitt or H&R Block. both have websites and plenty of online filing information. |
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Cleo
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This is not a good situation. I would get a CPA (not just regular bookkeeper) to fill out your tax returns and fill out all the necessary forms for your business. If you attempt to fill them out yourself, you will get audited. You will have penalties to pay, which the accountant will let you know. Make sure that you have all of your records in order just in case you do get audited. You also should have been paying quarterly with a business most likely so your accountant will be able to set you up to pay these from now on. Do this ASAP, because if the IRS finds you before you turn in your taxes, it will be a big mess. They can come in and seize your assets in the business and attach your bank accounts which could shut down your business! |
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