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/biz/ - Business & Finance

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641842 No.641842 [Reply] [Original]

So should I file or not...

>> No.641848

>>641842
yes
>signed the IRS

>> No.641852
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641852

>>641848

First time filing, and I don't even use Amazon anymore so they won't give me my 2014 info.

Seems they're saying If I made under 20k I shouldn't have to file...or I might be wrong.

>> No.641854

>>641842

don't worry about it. the worst that happens is the irs sends you a nice letter asking you for the money a couple weeks later.

just keep the cash on hand, or invest wisely.

i do this every year and by the time the irs asks me for the money, i have usually made bank in the stock market on it... they just want their cut, i get that, and i don't mind tipping them out at the end of the night.

>> No.641857
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641857

>>641854

The relief you guys provide is so...satisfying.

Well Paypal said I made only 9.5k, so if all goes well, I should still be fine.

>> No.641858

>>641852
>Seems they're saying If I made under 20k I shouldn't have to file...or I might be wrong.
Yeah, you're wrong. They're saying they don't have to send you any forms because you made under 20k. You're still supposed to include it on your return.

>> No.641867

>>641858
>supposed to

>have to

haha.. nice guys finish last, and honesty is not something you want to just give the IRS. trust me, the best way to keep money in your pocket with the IRS is to lie by omission ("Oh I didn't realize that was part of income")

it they don't audit it, (and they are going to be crazy understaffed this year on obamacare implementation BS) then you get to keep the money.

>> No.641870
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641870

>>641867

Wait waaaiiit....so if I don't file this year and nothing happens. They can't come back next years asking for my 2014 records?

>> No.641871

>>641870
Sure they can. They can audit you up to three years from now no questions asked.

There's no limit if they think you committed fraud.

>> No.641875
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641875

>>641871

Oh...It won't affect my credit or anything right? I mean if they audit my 2014 records (when I started my online business), it should be like at least $500 in fees which won't be much for me...

I always picture the IRS as a Jews hiding behind police kicking down my door.

>> No.642881

>>641875
Unless you are committing large scale fraud, they will probably notify you first and give you an opportunity to pay what you owe(plus interest of course). If they contact you like this and you don't start forking it over then they will come at you no holds barred and fuck up everything.

So you can not file it on your taxes and pretend like you didn't know, but if they come knocking you better be able to give them the money.

>> No.644133

What percentage of income should deductions be to avoid IRS scrutiny?

>> No.644185

>>644133
I can't really tell if that's a question or just some nonsense with a question mark...

>> No.644197

>>641875
>It won't affect my credit or anything right?
IDK. Do you think getting put into a federal penitentiary will affect your credit?

>> No.644203

>>644197

Well as >>642881
Said

It only matters if I ignore their messages and don't actually give a damn. Seeing my circumstance...I don't think they would do anything harsh for $400 in taxes

>> No.644204

>>641875

Well, it's highly unlikely that they'll want to look at you. Here in the UK I have it on good authority that the taxman won't bother investigating you until you're earning over £250000 a year, as the sums they might recover will never outweigh their costs in pursuing them.

>> No.644212
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644212

>>644204

EXACTLY what I thought, lol I even had a dream that I owed .3o and they sent me a mail worth .3o saying I owed .3o.

I'm really bothered by shit like this so I think about it all the time.

>Tfw you're op and your IP just changed.

>> No.644219

>>644212
If it bothers you that much then just file it on your taxes. I personally wouldn't put it past the United States Federal government to waste thousands of dollars in resources chasing $400.

>> No.644265

>>644185
Its a question. Let me rephrase: how many deductions can I claim before the IRS gets suspicious? Deductions, in this case, being a percentage of my total income.