Quote:
|
Originally Posted by xxweekxx
how much u talking of here? $1k++?
|
for a quick and dirty estimate, I would figure about 28% for federal, and about 10% for state.
Quote:
|
Originally Posted by xxweekxx
ALSO everyone saying fines,etc, "my friend" could just file this year and forget the other years. how will irs know?
|
theyll know. I recently was audited for the year 2002.
bring in a TON of paperwork and receipts, they ask for everything.
You think the irs will see your friend made money this year, but made absolutely no income the previous 2 years?
also if youre self employed then youre usually supposed to pay quarterly taxes, and when you miss them you get a penalty.
The penalties are usually hefty to discourage people from sending in their quarterly tax late.
So you may be fined 4 penalties a year for every year you didnt file.