I am 36 years old, I have been gainfully employed making $150k plus per year for the past 11 years and I have never filed taxes, I am a W2 employee, and taxes get taken out of my on a monthy basis, what should I do?
2007-01-04 06:05:53 · 15 answers · asked by Dave 2 in Business & Finance ➔ Taxes ➔ United States
Your best bet is to probably file this year, and file for the past 3 years. It is VERY rare for W-2 employees to ever owe the government anything. By you not filing taxes, you were actually giving up money that is owed to you. The IRS will not go after you if they owe you money. Your biggest problem may be if you had to file a state or local return. You may owe money, penalties, and interest there, however, your federal refunds would probably outweigh those penalties. And you will not face any criminal charges if you fix the problem before the government finds it.
Find a CPA, and they can help you.
2007-01-04 06:17:25 · answer #1 · answered by j-man 4 · 1⤊ 0⤋
You are likely owed a refund otherwise the IRS would be all over you by now. You should talk to an accountant or someone that knows taxes to advise you and what you should do. Because the first time you file you will open a pandora's box of hell. Worst case is that jail time means you'll get a much needed break. You can hang out in the prison library and read the thousands of pages IRS code, eat three squares a day and do a little weight lifting too! Most likely, the IRS will just come and take your house, car, dog, clothing, wife and children as your first installment. Welcome to the so-called "freedom" which we love to fight and die for.
2007-01-04 14:10:07 · answer #2 · answered by mikearion 4 · 1⤊ 0⤋
I'd agree you should see a tax attorney.
I'm pretty amazed that the IRS hasn't knocked on your door yet if this has been going on for this long. If you've been working with a W2, they're getting the reports each year. It's not unusual to take a couple years to catch up, but 11???????
It's possible that you had more than enough deducted, so don't owe anything. I'd still have expected that you'd have heard from them by now though.
2007-01-05 00:14:11 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Throw yourself at the mercy of the IRS and file as soon as you can. Seriously though the only course of action is to file. If you need help get a tax attorney to do it for you. If you file first you are better off than if the IRS found out and came after you. They make some concession for those who voluntarily come forward. I would suggest you file and remedy the situation. Remember lots of people are in a similar situation and the mere act of filing is the first step to setting it right and will get you some mercy from the IRS.
2007-01-04 14:27:33 · answer #4 · answered by David M 3 · 0⤊ 0⤋
You probably screwed yourself out of tax refunds every year. You can still get them for the last 3 years by filing now - 2003 needs to be filed by 4/15/07 or kiss that year goodbye too. We are surprised that the IRS has not sent you annual notices - they probably did and you ignored them.
2007-01-04 14:52:39 · answer #5 · answered by spicertax 5 · 1⤊ 0⤋
Get out your old W-2's and print out old tax forms from www.irs.gov. Fill in the forms for each year to see if you would have gotten a refund or needed to pay taxes.
If you would have gotten a refund in every year, you are okay, except that you have lost the refund money for the earlier years. You can still file returns for the last two years and get the refund.
If you would have owed money, please consult a tax attorney. You will need to pay back taxes and penalties.
2007-01-04 14:14:22 · answer #6 · answered by growing inside 5 · 1⤊ 0⤋
The joke might be on you.
The IRS is no fool. They have a computer system that checks your tax liability each year based on the W-2 information sent in by your employer and 1099 information sent by your banks. If you owed something and didn't file, they would have contacted you by now.
The way it sounds, you are due refunds for each year and you've failed to claim them and they're not going to tell you.
2007-01-04 14:27:50 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Assuming you are applying the appropriate deductions to your I-9, you are most likely owed a refund as it estimates on the high side of what your taxes may be. Talk to a CPA/Tax advisor on what you should do.
2007-01-04 15:23:05 · answer #8 · answered by sovereign_carrie 5 · 0⤊ 1⤋
well if u dont want stiff penalties frm the irs and jail time for tax evasion then i suggest to get out of the country to somewhere where theres no extradiction treaties with the u.s. u know in case u get caught.
2007-01-04 14:08:29 · answer #9 · answered by AvO21 3 · 0⤊ 2⤋
Talk to a tax attorney.
2007-01-04 14:07:47 · answer #10 · answered by Mario G 2 · 1⤊ 0⤋