My mom is asking someone to do my taxes, and I really don't want her to know how much I made this year (she likes to take my money). What will happen if I don't report all of my income for the year? I worked at four places in 2006: one place (around $3200), second ($600), and then I got an internship that paid $2400. Then in school, I made about $500.
What will happen if I don't send her the info for the internship? Can I just send her the current information, and then contact whoever later and tell them that I "forgot" some information?
What's are the possible problems that can come out of not reporting the internship money? I know nothing about taxes...any help would be appreciated.
If someone could explain what exactly filing taxes does, that would be great. Thanks.
2007-01-20 03:32:46 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Are you under or over 18. If you are over, tell you Mom to butt out and you'll take care of your own taxes, thank you very much.
There is nothing complicated on your taxes in your situation, and you can easily just do them yourself. Do you have any side business income or property? Probably not. Just do the 1040EZ form. It's one page, and will take you about 30 minutes at most.
If you don't want to do a paper form, go to IRS.gov and look under Free filing. They have numerous companies online that you can enter your info and they will calculate and file your taxes, for free.
The point of all this is to get your mother out of the loop. When it comes time to take your taxes to that someone, you just tell her you've already done them.
Another option: Withhold that info and have the guy do your taxes. Then quickly after, file a 1040X, which is an amended return, adding that missing income. Your still good.
What I'm trying to impress upon you is the importance of reporting all of the income to the IRS. If you've received W-2s or 1099s from these organizations, the IRS will also get that report. They will compare what's on your return to what has been reported. If income is missing, they will come after you, first with a polite letter saying you forgot to report income, and please pay this extra tax due, along with penalty and interest.
If you are living with your Mom, and she sees the mail, she will ultimately find out as she will want to know what the IRS is writing to you about.
2007-01-20 03:50:38 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
If you send in your return without all of your info, any refund you have coming could be held up, because the info you sent would not match what the IRS has.
It also creates additional paperwork for you to do, since you'd end up having to file an amended return.
Any info that is sent to you by the various companies you had income from, is also sent to the IRS. When you file your return, they match up what you sent against what they have on file. Since your social security number is on all the forms, it's pretty easy for a computer to do. Then if everything matches, they accept your return, and send out your refund if you have one coming. Otherwise they send you a letter telling you what you left out that they have on file, and demanding any additional taxes due - this can happen almost immediately, or can be a couple years later.
2007-01-20 18:59:53 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Get someone else to do your taxes.
Report ALL your income
Don't try to fool the tax man or you will regret it.
The government probably knows what you made because of reporting from the paying source.
If you get caught cheating on taxes, there is all kinds of bad things that will happen to you and you will have your tax form scrutinized closely every year in the future
2007-01-20 11:51:46 · answer #3 · answered by bob shark 7 · 0⤊ 0⤋
You need to report all your earnings because there is a department in the IRS that looks for unreported or unrreported income. You don't want to go to through the hassle of dealing with the IRS if you undereport your infome.
My suggestion is to report the income that you wish to report and file an entention to file
2007-01-20 14:41:00 · answer #4 · answered by porselin 2 · 0⤊ 0⤋
TAX means it is the main income for the government of a country,
by paying the tax in time it will become handy for u in some or other way.If do not have proper record of tax paying it will become trouble for u.
It is better to tell ur mom about the whole of it, than not.By cheating u will be in trouble,sureeeee!!!
Best wishes
2007-01-20 11:49:13 · answer #5 · answered by Arju 2 · 0⤊ 0⤋