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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
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Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I need to prove self employment income of about 40,000 for

Resolved Question:

I need to prove self employment income of about 40,000 for the last couple years. I do not have any records of payment. Would it be possible for me to 1099 myself for back taxes? And if so, what is it going to cost me in taxes? Would I be able to add deductions such as gas tools and materials without receipts?
Submitted: 3 years ago.
Category: Tax
Expert:  Stephen G. replied 3 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

You can't "1099" yourself. Forget that idea.

Stephen E. Grizey :

Are you talking about 40K each year?

Stephen E. Grizey :

Have you filed any tax returns for 2009?

Customer: replied 3 years ago.
I havent filed yet this year. Really I only need to file for about 25000 on myself for this year because I do have 15000 of it in a 1099 from suc contracting
Expert:  Stephen G. replied 3 years ago.

Well, you don't need a 1099 to report the income.
Customer: replied 3 years ago.
can I guesstimate my income and expenses just this 1 time without serious consequences?
Expert:  Stephen G. replied 3 years ago.

Sure as long as you don't get audited.

If you do they'll want to see your bank accounts, ask how you could support yourself on the income you claimed; probably disallow most of your expenses if not all as you said you have no receipts.

The risk isn't great, but that's what happens & they will want to do the same with at least all open years normally 3, but 6 if you haven't filed.

That's the good news; you don't want to know the bad news.
Customer: replied 3 years ago.
Yes I do. What is the bad news?
Expert:  Stephen G. replied 3 years ago.

It isn't worth getting all worked up over; I didn't say that to scare you; it's just that the penalties for non-filing are particularly bad; of course there are always criminal sanctions both in fines and well you know that place with bars. Like I said, the chances of the IRS making Exhibit A out of you are very slim; they'd rather lock up crooked accountants and lawyers & the so-called "tax protesters", not low profile people.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4015
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 7 other Tax Specialists are ready to help you

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