I am currently 2 years behind on my taxes, what do i need in order to catch up on them. I am an independent contracter and on the 1099 form.
2006-08-28 05:36:33 · 7 answers · asked by MandY 1 in Business & Finance ➔ Taxes ➔ United States
Go to a tax professional. This is a great time of the year for that as they are normally not that busy. You may not owe anything. If you do they will tell you how to resolve it with as little pain as possible. It won't just go away. I do several each year that are behind by a couple of years and most have been people that are afraid because they have 1099 income which really is not that big a deal. The record for me has been eleven years and the guy was dead but needed them done to resolve his estate.
2006-08-28 06:35:47 · answer #1 · answered by ? 6 · 1⤊ 0⤋
It's best to go visit a CPA for help. Better late than never with the IRS. You may not owe any taxes, but if you do, then the interest and penalties on the owed money are piling up by the day, so it's necessary to act fast.
Also, the IRS usually has 3 years to audit, so you might just get away if they don't catch you within a year. But try this only if you are a gambler and don't care for the potential consequences.
2006-08-28 07:03:44 · answer #2 · answered by Ab 1 · 0⤊ 1⤋
have a cpa do your taxes its much easier, and they don't charge that much. I had mine done for 170 bucks and didn't have to deal with the headache of doing it myself. Also they don't care if you're late on your taxes (the cpas) they will still help you. Better late then never.
2006-08-28 05:43:05 · answer #3 · answered by Sky 5 · 0⤊ 0⤋
be prepared for fees, however they may work with you. go to a tax pro who deal specifically with tax penalties, also if you do have a credits apply those to your late taxes. Have EVERYTHING you will need together (w-2's, receipts, charitable donations, filing status ect) Best of luck!
2006-08-28 05:43:17 · answer #4 · answered by Just a Q or 2 2 · 0⤊ 0⤋
Since you are a contractor you will probably owe taxes and I think if you owe you have to pay fines. Just file and see how much you owe. I would be ready to pay up though...
2006-08-28 05:43:05 · answer #5 · answered by kaiti 2 · 0⤊ 0⤋
1st, have your taxes done to see where you really are; they may owe you money!
2nd, if you owe, but not that much, set up a payment plan or use a credit card to pay it off.
3rd, if you owe a lot, see a tax professional about getting your taxes reduced or wiped clean...
2006-08-28 05:45:26 · answer #6 · answered by northwest.poet 4 · 0⤊ 0⤋
Pay the 2 years that your are behind and learn to
be more responsible in keeping up with your personal business.
2006-08-28 05:44:06 · answer #7 · answered by I am women 6 · 0⤊ 1⤋