I have a large number of deductions because of a home business, so maybe I won't be paying taxes on it. I did put away enough $$ to cover the 28% if I get hit. Should I worry about it or let the IRS find it and send me a bill?
2007-04-10 05:44:24 · 4 answers · asked by pamela r 2 in Business & Finance ➔ Taxes ➔ United States
I listed the capitol gains on my taxes. That part does show up, so it isn't that I didn't list my income from my 1099-B. But it just doesnt look like I got hit with taxes (unless I had enough deductions that they were wiped out by the writeoffs). It isn't that I withheld the information.
2007-04-10 06:45:05 · update #1
If your return is missing some of your income (the capital gains) then file an amended return on form 1040X. If you file before the 4/17/07 deadline, you won't owe interest or any penalties. If you just wait for the IRS to catch it you'll owe interest and possible penalties - and they WILL catch it, but could take months or even a year.
2007-04-10 06:02:21 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
Call 1-800-1040 and talk to an IRS agent. Always looks better if you make the first move and prevents you from being charged penalties as they will wait a year before they bill you. Hold on to that 28% so you can pay immediately when you find out.
2007-04-10 05:51:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No mutual fund deducts taxes, that is totally your responsibility.,, so if you don't want trouble from the IRS, figure out your gain and report it on your tax form
2007-04-10 06:03:38 · answer #3 · answered by bob shark 7 · 2⤊ 0⤋
Call them, you may need to file an amended return. Remember, if they bill you, there will be a penalty.
2007-04-10 05:49:54 · answer #4 · answered by Firespider 7 · 0⤊ 0⤋