I'm talking over 100k.
They had an online business years ago which reported their income at around 90k for a few years. No taxes paid or withheld during that time.
This person still has receipts and expenses for the business during this time hoping to deduct some of it. Some other records from those times still exist. (~2005 - 2010)
Their spouse is in the same boat, having been wrapped up financially in the business as well, and somehow they both owe about the same amount in taxes (over 100k each for these missed years.) I'm thinking this may be a mistake of filing separately when they needed to file jointly? I'm not sure on this but maybe this is not unheard of?
I told them they needed to figure this out but they bury their head in the sand. They think if they try to start working on it that it will be like stirring a hornet's nest. I'm really worried they're going to lose their house or worse. What advice can I give them to get this straight?
Submitted January 07, 2021 at 06:18PM by Terrariachick https://ift.tt/3pWsyLa
