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Tax advice (NRR)

SpankyIllsonSpankyIllson 1 Post
edited July 2005 in Strut Central
Long-time poster, but doing it up incognito style for obvious reasons. Here's the situation...I make most of my income as self-employed. Most of my income is reported to the IRS via 1099 forms.I moved last year and unfortunately, some of my 1099s ended up being sent to my old address. I managed to get -most- of them but when I went back to help my housemate move out I realized that there were two 1099s that I never got and thus, never reported. Combined, they total $3000. Is it worth reporting this to the IRS late? Are they going to hit me with a penalty if I do so? (I would owe about $800 back to the gov't). Or is worth tossing the dice and hoping this flies under the radar? I didn't make a ton last year in 1099 income - around $10,000 so I don't know if a missing $3,000 is going to flag greater scrutiny or not. Suggestions?

  Comments

  • asprinasprin 1,765 Posts
    *** sound of a fed doing an IP check ***
  • GrafwritahGrafwritah 4,184 Posts
    I think if you come clean they'll work with you. When you get nailed with fines and stuff is when they catch you.

    Of course, they probably wouldn't notice. Just as long as you didn't do something retarded like post it on the internet.
  • CousinLarryCousinLarry 4,618 Posts
    You have up to three years to file corrections to your taxes. If you take care of it before they come to you will probably only have to pay a small late fee. You do not want them to come to you, and if you owe them money they will come looking for it.
  • DjArcadianDjArcadian 3,630 Posts
    Don't ignore it. If the compnay you worked for filed their 1099's the IRS will find out. The problem is you won't get caught right away. It might take them a few years and when you get hit you'll be paying penalties and interest on all that time in between.

  • parenparen 537 Posts
    taxes... ha!

    ---

    i got a letter from the government the other day...

    ===

    pay them. you will have to sooner or later...
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