missed taxes last year – penalties for it, and back-tax filing?
I didnt file tax last year 2007. I make a small profit, roughly K on a cash-based business, buying and selling stuff. (not a registered sole proprietorship, just doing it out of my own spare time)
I have to show my last year’s tax to sponsor my husband for his green card. would I be able to file by 2007 tax return now? how? and where can i find a list of penalties for late filing? thanks
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So how were you planning to file? With or without your husband?
$20,000 of net profit would run about $2800 in SE tax.
$20,000 of income less $1400 of SE adjustment, $5350 standard deduction (for MFS) and 1 exemption ($3400) would leave you with about $9850 of income or about $1000 of income tax. Or about $3800 total.
Estimated tax penalty (no payments) would be about $112.
Failure to file (max amount) will run you $855.
Failure to pay (20 months) will run you about $380.
Interest (20 months) will run about $760.
So unless you get some of this waived, the $3800 turns into $5900.
you can file any year`s taxes anytime.go to any prepare who has last years`s software , they can prepare your return for you and you can either mail it or take it to the local IRS office.Sonetimes they charge a small fee for late filing but not always.
You MUST file your tax return if your self employed income is $400 or more. You must pay tax due with interest and penalty.
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html