I went through a really bad divorce in 02, and I lost everything, my child support is nearly 50% of my income, and im barley scrapin by. I stuck my head in the sand financially, and i guess emotionally for a few years, and just sort of "hid" from responsibilities other than keeping sheltered, fed, and supporting my expensive ex-wife. I have paid taxes, but I havent filed in three years! What do I do? am i in allot of trouble?
2007-04-10 04:55:21 · 12 answers · asked by dave25357 2 in Business & Finance ➔ Taxes ➔ United States
You're not in trouble if you're owed refunds on the years that you haven't filed, but you only have 3 years from the original date of the return (if you haven't filed for an extension) to claim any refunds. After that, you lose them. If you owe the IRS money, you have forever to file the return, but in the meantime interest and penalties will keep adding. Your best bet is to file the 3 years worth of returns, starting with the oldest one first.
2007-04-10 05:01:58 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Get to a CPA pronto. I don't mean an HR Block type, I mean a personal CPA.
The amount of trouble your in depends if you owed more taxes than were taken out of your paycheck.
If yes, your gonna owe penalties, interest and if your don't take care of it ASAP, your ex-wife won't be the only one getting into your paycheck, the IRS will begin to Garnish your wages, and that will make the 50% child support look like a day at the beach. Oh and if you own anything, they can place a lien on it. Freezing your Bank accounts is another tool the IRS likes.
So, you getting the point??? Take care of this before the IRS does. It will be far easier on you. Usually just penalties, interest and an affordable payment plan.
If it turns out you should have been getting a refund, your CPA can go back, File your past 3 years returns and you can get your refund, for the last 3 years.
Get on it!!!!!
2007-04-10 05:06:29 · answer #2 · answered by Ken C 6 · 1⤊ 0⤋
No, you're probably not in a lot of trouble, maybe not in any.
Get the info together and file for those earlier years. If you had a refund coming for any of the years, you'll still get it and won't pay and penalty for not filing that year - but if you have a refund coming for 2003, you need to file this week or forfeit the refund. Fo 2004 and 2005, you have a year and 2 years yet respectively to file and still get your refund.
If you owe for any of the years, there would be interest and penalties, but it won't get better if you wait for the IRS to catch it, the interest and penalties will just keep accumulating.
Good luck.
2007-04-10 06:24:23 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You need to file your back taxes as soon as possible and, if you owe anything, get set up on a repayment plan. I once had to file three years and pay $3,000 - which the IRS let me pay $150 a month on. As for your "expensive" ex-wife - unless you live in an alimony state, it's your kids that are expensive, not the ex-wife. Your child support payments are set up based on your income, so if your income has gone down or something since they set the payments, you need to go back to court and get the amounts changed. If you're not willing to do that, then you need to stop whining.
2007-04-10 05:05:02 · answer #4 · answered by strack22 1 · 0⤊ 1⤋
You really need to go to an accountant and get that fixed. You won't be in trouble but if you originally owed your going to get hit with alot of penalties and interest. It's best to fix it now instead of later because believe me it don't matter if its 20 years done the road, the irs will catch you and then you'll be paying penalties out your rear. Plus if by chance your getting a refund you only have 3 years to claim it. Hope that helps!
2007-04-10 05:09:58 · answer #5 · answered by ChloeE 2 · 1⤊ 0⤋
From what I understand, you are only in trouble if you "file a false return" and even that can be amended and corrected afterwards. You are allowed to go back 3 years and amend or correct returns. Consult with a tax specialist who can help advise you, and also try to find one who can try to reduce anything you might have to pay. If you "lost everything" you may be able to write off those losses, so don't worry. If you did not gain any income, you can't pay taxes on nothing!
2007-04-10 05:04:46 · answer #6 · answered by Nghiem E 4 · 1⤊ 1⤋
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2016-10-28 08:37:27 · answer #7 · answered by ? 4 · 0⤊ 0⤋
you can file your taxes still but you may have to pay a fee as for the expensive child support go to your lawyer and explain it to him and see if you can get a reduction in the amount you pay chances are she isn't using every single dime she gets for the child(ren) on the child(ren) if you catch my drift like she maybe shopping for clothes for her more than the kids. heck i have seen it done before. so just check it out with your lawyer and see
2007-04-10 04:59:29 · answer #8 · answered by james_stailey@sbcglobal.net 5 · 1⤊ 0⤋
file, find a cpa and he/she can help you file for the past years. the irs has payment schedules if you need them. since you've paid. you may get a refund, you will still have to pay late fees. do it now though. the sooner the better. good luck!!!
2007-04-10 04:59:36 · answer #9 · answered by Anonymous · 1⤊ 0⤋
You need to get this taken care of ASAP. Go to an accountant and he/she will be able to point you in the right direction.
2007-04-10 04:59:47 · answer #10 · answered by babyangel4604 2 · 1⤊ 0⤋