I'm really concerned I have no idea what to do...
- From: jeffhanson7183@xxxxxxxxxxx
- Date: 6 Apr 2006 05:58:37 -0700
To make a long story short, I had lost my job last year and couldnt
find another, so i took this opportunity to work as a subcontractor
(1099) doing IT work. Normally i would prefer to stick to a real
company for several reasons, but im living on my own, so i had to take
it as some money is better than none.
However, due to either poor calculation or complete misunderstanding of
how self-employment/1099 taxes work, i just realized i came up WAY
short on my tax money. I have never dealt with having to do my own
finances like this before (im only 22) so this was all new to me. so
basically come the 15th of this month, im supposed to send a check to
the IRS for all taxable income, yet i dont have the amount of money im
gonna owe... im quite far off actually. Now i am aware that no matter
what this is going to end badly for me, and its probably my fault for
being stupid about the situation and not seeking help when i took the
job. However i cant change that and was hoping to get some advice as to
my options. I know that financially my next few years could be a wreck,
but im ready to face that. Im just hoping im not going to get arrested.
I dont own a home, i live in a crappy apartment and drive a pos car...
is the IRS gonna take everything i own and throw me in jail? or is this
some exaggeration a lot of people make to make the IRS seem like bad
people?
I do not want to screw them over, and want to pay them every penny i
owe, so i would be willing to work with any payment plan they might set
up or whatever it takes to get out of this hole. Luckily i just scored
a job working for a company, so all my money will be taken out of my
check, and i wont have to worry about putting aside anymore... i guess
what i mean to say is the hole shouldnt get much deeper. So basically
what im asking is, do i still have a chance? I dont really care to
disclose personal finances, but i am gonna owe them approximately 4,000
dollars. Is this considered pretty low on the scale of money to owe
them? are they more concerned about people who owe them alot more, or
who are trying to avoid them outright?
I just find it hard to believe that someone like me who is attempting
to be honest and forthright isnt going to lose everything, especially
since ive always paid my taxes before. Again i appreciate all the help
and apologize if my topic ran on for a bit.
appreciate and feedback thank you
.
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