Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   How much do I owe in back taxes? (https://www.askmehelpdesk.com/showthread.php?t=345553)

  • Apr 24, 2009, 10:02 AM
    CaptObvious
    How much do I owe in back taxes?
    In 2005 I earned approx. 15000, and then in 2006 I earned approx 13000, I received a 1099 at the end of each year, but was unable to pay due taxes. 2007, 2008, 2009, I paid in and claimed 0, but never filed for a return. About how much do I owe the IRS at this time?
  • Apr 24, 2009, 11:20 AM
    AtlantaTaxExpert
    Hard to say, because I do not know what expenses you can claim as deductions while earning the 2005 and 2006 income.

    The INCOME tax for 2005 is about $700 and for 2006 about $500, but the self-employment taxes as much higher (over $2,200 for 2005 and over $1,900 for 2006).

    Plus there is interest (which cannot be waived) and late-filing and late-payment penalties (which can be waived at the IRS discretion).

    You probably have refunds due for 2006, 2007 and 2008, which will offset the 2005 and 2006 tax bills.

    You should contact a local tax professional whom you can trust and get started on resolving this problem.

    Ignoring it or delaying it will only make it worse.

  • All times are GMT -7. The time now is 07:44 PM.