beat: i suck at my taxes apparently

oddjob · #1 06-20-2007, 06:22 PM

got a letter from IRS about my 2005 taxes, apparently i missed a 1099 for like 10k. now i owe like $3k. don't ask how i did this. it's because i'm stoop id. self emplyed. business sucks right now.

anyone ever set up payments with the IRS?

TOOF DUCY? · #2 06-20-2007, 06:28 PM

I had the same thing happen to me... lost some gambling 1099's. Set up a payment plan on the 2K I owed. They accepted $100 a month. Took the rest out of my tax return this year. No worries

hobbes9324 · #3 06-20-2007, 06:34 PM

They're pretty reasonable about this stuff. I had a screwup a few years ago and owed an extra 8k - gave the a grand a month w/o problems. They only get pissed if you try to hide.

MM MD

DarkForceRising · #4 06-20-2007, 07:02 PM

The Feds are cool, but the State is a bitch.

I set up a payment plan about 10 years ago. Although the guy I talked to (with the Feds) was a condescending prick, he was ultimately accommodating. The State, however, automatically slapped a lien on me- instantly blemishing my credit. Apparently this is standard practice in Michigan.

YMMV.

4_2_it · #5 06-20-2007, 07:16 PM

Screw 'em. I hear debtor's prison isn't so bad these days.

Borgland · #6 06-20-2007, 10:43 PM

Dont be cheap, hire an business accountant. It's got to be cheaper than interest and penalities and jail.

ncboiler · #7 06-20-2007, 10:52 PM

[ QUOTE ]
got a letter from IRS about my 2005 taxes, apparently i missed a 1099 for like 10k. now i owe like $3k. don't ask how i did this. it's because i'm stoop id. self emplyed. business sucks right now.

anyone ever set up payments with the IRS?

[/ QUOTE ]

I had to set up a payment plan once. Had to re-file for 2004 but in the meantime they wanted their money they thought I owed. They just asked me how much I could pay per month. I said $400 and they said great. I think I could have said almost anything. I never paid anything though because I refiled before a bill was due.

oddjob · #8 06-20-2007, 11:09 PM

[ QUOTE ]
Dont be cheap, hire an business accountant. It's got to be cheaper than interest and penalities and jail.

[/ QUOTE ]

i have one, but missing a 1099 was completely my fault. he was gone all day.

Borgland · #9 06-20-2007, 11:26 PM

A similar thing happened to me with the 1099 except it was the incompetent accountant's fault. Never hire somebody just because they're relatives. [img]/images/graemlins/frown.gif[/img]

Like ncboiler said the IRS will pretty much take anything that sounds fair. As long as you are making a reasonable and sincere attempt to pay them they wont F you over.