Quote:
Originally posted by CamChicks
You can't go to jail for not filing paperwork.
You can only go to jail if you file false info.
Worst case scenerio, you owe them money.
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Not True! If the IRS can satisfy a judge that you knowingly did not file, this is a felony called Tax Evasion, and yes you can have a bench warrant issued in absentia even.
I studied tax laws in both US and Canada in my previous employ.
Tell them you can afford $25 a week, and just start paying them off. No biggie. Also you will want to get your accountant to file that return. The govt are bastards if they have to assess you. You won't get any of the tax breaks you may be intitled to. They will just take your 1099s and whatever info they have on your income for that year, and tell you you owe them whatever the tables say, no deductions, no writeoffs.
You should be allowed to maximize your retirement savings going 2 years back also so by doing that, you ca also take a big chunk out of what you owe.
You can also give your spouse a one-time tax free gift of up to 60K I think ... so if you are looking to "hide some income" you may want to ask your accountant about that.
It has been several years since I have had anything to do with taxation laws, so you will want to get a free consultaion with a good accountant referred to you by somebody you know.
Hope this helps
