squash[at]peoriadesignweb.com writes:

- quote -

Ignorance is no defense against the penalties, too numerous
to list, that can apply when you mess up. A better idea
would be to arm yourself with some knowledge. IMO anyone
who enters self-employment without consulting an accountant
is just plain silly.

Phil Marti
Clarksburg, MD

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You pay the tax, penalties plus interest which you will
also pay can double what you would have paid if you pay just
the taxes. If you hire a tax professional, they will save
you many times over what you would owe if you try to do it
yourself and have all the interest and penalties plus they
know of deductions that you may not know....

Missy Doyle

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squash[at]peoriadesignweb.com wrote:

- quote -

Same as for everybody else. Equal justice under the law.
Ain't this country great?

- quote -

Yep, just pay the tax and let them bill you for the interest
and any penalties. Not to worry about jail.

Now for the commercial. Hie thee to a local competent
Enrolled Agent (EA) or Certified Public Accountant - either
a CPA or PA, and let him guide you through the tax maze at
least for the first year. Money well spent, and tax
deductible. And you'll learn a lot, believe me.

ChEAr$,
Harlan Lunsford, EA n LA

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"squash[at]peoriadesignweb.com" <squash[at]peoriadesignweb.com> wrote:

- quote -

Debtors prison was eliminated a few centuries ago.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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squash[at]peoriadesignweb.com wrote:

- quote -

IMO, as long as there is no evidence of willful fraud the
IRS is not likely to try to criminally prosecute you. As
long as you make an honest, good-faith and competent (for
your background & experience) effort the IRS is not likely
seek more than the taxes due plus interest.

If you keep meticulous and accurate financial records,
you're more than half-way home.

--
To reply to me directly, remove the XXX characters from my email address.

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<squash[at]peoriadesignweb.com> wrote

- quote -

Probably not jail unless you make extremely obvious "errors"
and/or otherwise impede the collection of the tax.

Mostly what will happen, is the additional tax is assessed,
plus interest and penalties, which can add up to a
substantial number over time.

You should use the services of a decent tax accountant (CPA
or EA) in your area so you capture the deductions you need,
and stay out of the hot water with the feds and your
state/local tax agencies.

--
Paul A. Thomas, CPA
Athens, Georgia

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I am just getting into real estate and home business. If I
decide to do taxes myself and I get audited, what is the
penalty I will face for not paying taxes I may owe (due to
ignorance/ lack of experience with understanding a tax law?)
Do I just pay the tax plus interest back? Or is the IRS
going to send me to jail??

Thx!

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