Business Plan Radar
Will i get caught for tax fraud??
I unexpectedly took over my older brother’s small landscaping business after his untimely death back in 2005. I’ve done pretty well with it but have realized that it is a very tough and time-consuming business and plan to sell it and go back to school. I made enough money to pay bills and survive but never filed for any taxes……will i get caught for any tax fraud or will i just slide under the radar?? i have a full-time job now and show good proof of income……any1 have any ideas towards this for me??
unfortunately, there is no such thing as under the radar.
every payment, 1099, or otherwise your clients made (unless it was all cash) will be reported.
if it was all residential and paid by check or cash….I wouldnt sweat it.
if it was commercial….it was an expense andwas written off someones taxes and reported.
Tax fraud penalties…prison, + amount due + Interest penalty from the time of the first infraction….how many years was it?
as Liberty said, you can call it a loss, they make you file a return that shows that, and your’ clear.
if its not much money….10k or so. forget it.
wer
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