i earned almost 26,ooo last year 2006 and never filed any taxes?
i did not file for certain reasons, this year i earned almost the same but have taken care of a few loose ends and want to get back on the right track. i am self employed and receive 1099's. what would be the right way to go about it.?
- 1 decade agoFavorite Answer
You should go ahead and file your 2006 then file your 2007. You will amount more penalties and interest if you wait for the IRS to catch up to you. It may take them a few years to do so.
- Anonymous1 decade ago
File both returns. Do them in either order, but send them in separate envelopes.
Since you are self-employed, you will owe. For 2006, you will owe a lot since by waiting you tacked on 25% in failure to file penalties.
- 1 decade ago
If you only made $26,000 and no one else claimed you, then you probably have a tax return coming to you from last year. You may have to pay twice if you are having someone else do your taxes, because they will need to do last years and this years. Get all your forms together for 2006 and 2007. Start now, because you may be missing some and need a few weeks to request them from 2 years ago. Good luck.
- StephenWeinsteinLv 71 decade ago
File the 2006 return now. If you owe, there will be a penalty (money) for being late, but much less than than if you never file or pay (prison?).
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- MarJoeLv 61 decade ago
Don't worry they will tell you the right way when they get your new tax foum