What if i havent filed my taxes yet?

Question

im a college student who hasnt filed my taxes yet. i made around 10,000 under the table how do i go about paying my taxes on the $ i made? someone told me not to go to H&R block or one of those places but to go to an accountant instead, can anyone help me

Answer 1

You need to file an extension. Go to the IRS website, and get the forms.

Answer 2

You'll need form 1040, a schedule C, and a schedule SE. Your income and any associated expenses will go on the schedule C (or C-EZ - you can probably just use that), then the net will go to your 1040, and to the SE to figure your self-employment taxes.- the calculated self-employment tax will also go to your 1040.

It's not real hard as long as you have good records so you know what you made, and know any expenses you had in making that income.

If you don't figure the interest and penalties (which can be kind of tricky) the IRS will do it for you and bill you. If you can, send the total with your return for the income tax and self-employment tax. If you don't have it, then the IRS will set up a payment plan, but interest and penalties will continue to accrue until it's paid off.

To answer the person who said "why would you want to report it", one answer is because not doing so is illegal, and can land you in big trouble if you don't report it and you get caught. Another reason, of course, is that it's the right thing to do.

Answer 3

You can't file an extension. Its too late. If you know how to file your taxes, then go ahead and file them. Also, review form 2210 to determine your penalties and interest.

Otherwise, go to an accountant that is an enrolled agent.

Answer 4

If you made the money under the table and it wasn't reported then WHY would you want to declare it and pay taxes on it? This does not compute.