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Old 04-24-2015
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Default Tax letter in the mail

I got letter in the mail today that I owe uncle SAM almost 10,000 because in 2013 I sold 21,000 on ebay. Does this make any sense. Reason I didn't get this before because I moved and I guess IRS found out my new address LOL.

This is almost 50% tax charge I don't get it!!! I understand 20% or so but half??? Any ideas here.


thanks again
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Old 04-24-2015
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Default Re: Tax letter in the mail

Makes perfect sense to me.

Go see your account.
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Old 04-24-2015
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Default Re: Tax letter in the mail

It does 50%?
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Old 04-24-2015
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Default Re: Tax letter in the mail

well, lets think about this. 15% self employment taxes, then federal at 33-38% so yea easily 50% then add in your possible state taxes. Some of my LLCs pay 63% in the past.

But how in the world can you take that assessment for any value at all? The IRS has no idea what your expenses are? cost of goods? shipping? etc... so they assess at the highest possible educated guess.

Go see your accountant, determine what you owe and refile. Really good chance you will get a return if you run an average business.

Your question is not worth answering any deeper because YOU don't know how much you owe yet...
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Old 04-24-2015
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Default Re: Tax letter in the mail

Quote:
Originally Posted by jm091804 View Post
I got letter in the mail today that I owe uncle SAM almost 10,000 because in 2013 I sold 21,000 on ebay. Does this make any sense. Reason I didn't get this before because I moved and I guess IRS found out my new address LOL.

This is almost 50% tax charge I don't get it!!! I understand 20% or so but half??? Any ideas here.


thanks again
Go seek professional tax advice at once.

Start by using this site.

Internal Revenue Service

As boring as this sounds, you earn money, you pay taxes. Sort this or risk an audit from the IRS.
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