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Hi! You’re just in time for TaxMama’s Tidbits from TaxMama.com,
where taxes are fun, Eva here, with answers to tax questions from readers.
This one is not all that much like you...
Today John is worried, “If I haven't filed taxes in 8 years, what
can I do not to go to jail, but still find out what I owe”
Dear John,
So many good people who’ve fallen behind, often due to circumstances
beyond their control, lose sleep over this issue. You want to get back
into the system before IRS catches you, but…you don’t know
how.
Well, let me put your mind at ease. You can stop worrying about jail.
Jail happens if you commit tax fraud – by filling false returns – not
by not filing.
The only way to know just how much you owe is to prepare the tax returns.
What a concept! Then file them. IRS will compute your penalties and interest
for you.
You’re probably already getting notices from IRS showing a balance
due – that balance is generally much higher than you really owe.
IRS came up with that number using the income information they have on
you (W-2s and 1099s) without considering any of your deductions, credits
or dependents. The balances on the returns you file will replace IRS’s
previous assessments.
Once you file those returns – you’ll be getting ever more
correspondence from IRS. Always respond – and respond with respect.
You'll be treated well and helped through the process.
You’ll find links to tax payment options, tax bankruptcies and
other information at
TaxMama.com and
TaxMama's
resource pages.
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Best wishes,
Eva Rosenberg, EA
Your TaxMama
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