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I made 372000.00 last year. This year I lost my customer and

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I made 372000.00 last year...
I made 372000.00 last year. This year I lost my customer and have had back surgery so I cant and haven't worked. My income for 2016 is going to be nothing compared to last year. Do I need to call the IRS and let them know? Or what should I do and will this get me audited
Submitted: 1 year ago.Category: Tax
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Answered in 3 minutes by:
3/5/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,703
Experience: Taxes, Immigration, Labor Relations
Verified

There is no need to inform the IRS before you will file your tax return.

If you are paying estimated taxes - you may recalculate your expected 2016 tax liability and adjust estimate tax payments.

Other that that - there is nothing you need to worry.

Questions?

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Customer reply replied 1 year ago
At this point I have no estimated tax payments for 2016. Won't they wonder why I'm not paying quarterly. Also, I only paid in 55,000.00. Not realizing I would make as much as I did. Will I need to pay in at least another 20,000.00 on April 15th not to get penalized?
Tax Professional: Lev, Tax Advisor replied 1 year ago

That would not be an issue either.

The IRS will ONLY start to "think" about you if your 2016 tax return will not be filed before Apr 15, 2017.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

If you overpaid estimated taxes - you will be able to claim a refund on your tax return.

If you will not owe any additional taxes - or will owe less than $1000 - there will not be any underpayment penalty.

I feel that you are overreacting.

.

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

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Lev
Lev
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Category: Tax
Satisfied Customers: 30,703
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