 35k, does it mean net income(after taxes) or gross(before taxes)? |
| 35k, does it mean net income(after taxes) or gross(before taxes)?... |
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 I'm a stay at home mom filing a injured spouse form. My husband owes back child support. Will I get a refund? |
| My income is minimal for last year and didn't pay much in taxes. From what I've read is that the eic will be based on income. I don't think its fair that my baby will give his ex-... |
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 Do you think TV license is to expensive. id like to partition against it how would i do this? UK? |
i think the tv license is to expensive how would i get up a partition against it..
Additional Details
tv license is now about £138.0 per year dats alot of money for repeats and junk tv.... |
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 Can I write off unpaid wages on my taxes? |
| My employer filed bankruptcy and owes my $12,852. Can I write that off on my taxes?... |
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 Can I Claim Buying A Car At Income Tax Time as A Deductible? |
| I bought a car in June and I was told that I could claim that as a deductible I was only wondering if anyone else knows anything about that.... |
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 When is the EARLIEST you can file your income tax at the end of the year? |
| as soon as you get your last check stub for that year, right? what if I got fired in November, and got my last check stub, can I file in N... |
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 Should I stop havening taxes taken out of my regular payheck if I started my own home based business? |
| I just started a home based business that will probably give me tons of deductions for my taxes this year. I also work full time at another job that takes the normal taxes for a single person (1 ... |
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 I'm a u.s. citizen married to an illegal immagrant. How do I file? |
| He doesnt have a ssn. and he hasnt worked this year but I have. How do I file? I figured it would be "married filing seperately" but what do I put down for him? do I just file jointly and ... |
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 Should my parents file me as a dependent on their taxes? |
| I am 22, work part-time and go to school full-time. I do not live at home and am not supported by my parents. I make over $3,200.00. Do my parents still need to list me as a dependent since I am ... |
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 When filing taxes do I add my husbands SS benfits in with my wages? |
| It would definately bump up my Earned Income Credit? I know none of its taxable but wasnt sure if I could add it as income or not?... |
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 What if my company accidentally put in that I have 2 dependents for tax purposes? |
| I started my first job after college last August and put 0 in the dependents areas on the tax info sheet but now that it is tax time I've discovered that they have had me down for 2 dependents ... |
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 Child support and tax question? |
| I just realized that one can't claim tax deduction on child support, is it true? Then how can child support payer do to be able to get more credit? What is the relationship in terms of tax ... |
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 Information about the Sixteenth Amendment, Income Tax? |
It was never ratified. There is no law forcing you to pay income taxes.
http://www.youtube.com/w Details
Wow. Everything is so complicated ... |
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 Do you have your pension sorted out? |
I have no idea where to start with pensions but I know it's important! I'm 26 and have joined by company pension but that's about it!
Do you have the your pension sorted ... |
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Sumerblue67 | My boyfreind has not done his taxes since 2004. can he get in big problems? |
In 2004 he sold a home he bought about 20 years before. He lived in and out finally, in 2003 the renters moved out and he ended up paying the mortgage until he sold it. He has not filed in 2004. With some of that money he bought a duplex and in that same year 2005 he refinanced his condo. in 2006 he sold his condo and in 2007 he refinanced the duplex. He now lived in one of the duplex by the way. I am telling him he has to pay some money back to the IRS because he sold a rental home. He lost alot of money on 2004 due to the fact that no one was living in the home and he was paying two mortages. My question is ....Is he going to have to pay a big chunck on money? Does anyone recommend a website we can visit or a phone number we can call. I told him to do the 1099 but he needed to pay off the people he owed money. This guy has not filed since 2004......Please help. |
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oldcorps1947
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When he sold the house/s, a 1099-S was issued to him and a copy sent to the IRS. You did not indicate if he received any wages or other income. It appears with the information you provided that he will be hit with a none filing penalty, interest on the penalty, penalty on the amount of tax he owes, interest on the the penalty and taxes owed.
The IRS will aggressively pursue him. I would guess this year or next year they will issue a tax lien on him, based upon their calculations of the taxes for the years he failed to filed and the the penalty and interest. This will kill his credit for ten years, and prevent him from selling and property, including autos. If he still ignores them, they will attach bank accounts and if he receiving wages--they will attach his paycheck, less $50.00. They may even seek criminal action.
Suggest he contacts a CPA or tax practitioner as soon as possible, get the tax returns filed, determine how much is owed, and set up a payment plan. If done quickly, it should avoid the issue related to tax lien. He still has time to correct this problem before it gets totally out of hand and explode in his face.
Consider not committing to marriage of this individual, until the late filing issue is resolved, you don't want to part of payment process/bad credit. |
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ninasgramma
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I know this is a mess, but I doubt he needs an attorney. He needs to gather up all his records of transactions and go to a tax preparer. The tax preparer will file for 2004, 2005, and 2006. He can call a preparation firm, one that is open all year. There are many in all locations. There are full-time staff with a lot of experience with this situation.
He may or may not owe any tax. It is important for him to map out when he lived in each property. He may be eligible for exclusions which will reduce taxes owed significantly. |
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mhp_wizo_93_418
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Can you say OUCH - the best advise i can give is simple.
GET A LAWYER!!! preferable a specialist in the tax codes. And do this like yesterday. You also might want to protect yourself, you KNOW about it.
Again,,,,,, OUCHHY!!!!!!! |
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Judy1
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His best bet would be to take all his records to a good CPA or enrolled agent and have them prepare his tax returns for the missing years. Chances are that yes, he owes some money to the IRS and possibly also the state. Until the returns are prepared, it's impossible to say what he'd owe.
I have no idea what you're talking about when you say "do the 1099".
Yes, he can get into major trouble if he doesn't take care of this. At a minimum, if he owes anything, penalties and interest are accumulating every month. |
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mister ed
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if i was in his shoes i would either leave the country or gather up all of my documents and march as fast as possible to the nearest tax lawyer. he might not owe them all that much but the fines and penalties can had up fast -- and the problem will not go away -- even if he dies someone will have to straighted it out. |
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Larah
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The worst thing he can do is nothing. He should contact a CPA NOW, and start getting those returns filed. The IRS will go easier if he complies voluntarily, before they have to come after him. |
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*Cara*
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Yes he can and will get in big trouble. The IRS does not like to be ignored. Consult a lawyer. My step-dad is still paying the IRS every month from when he didn't file them twenty years ago. |
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l1
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What he'll need to do is work with the IRS right away, or else he could be charged with tax evation. Trust me you don't want to be in that situation.
Talk to an accountant first and see what they could do. And, he may need their help in preparing his 2004 taxes (this was when the rental home was sold).
He may not owe any taxes if the he meets certain criterias regarding the rental house that was sold in 2004 (the house may qualify as his main residence, thus some of the gain he has on the house could be exempt).
The same way with the condo. Although, the condo seem to be clearly as his main residence, thus the capital gain is exempt (but you may need to discuss it with your accountant because I tell based solely on the information provided).
Bottomline is, check with an accountant (preferrably a CPA) and discuss the detail with them. He may not even need to file, but it's hard to tell with very limited detail. -Goodluck- |
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