As April 15 approaches ... more tax questions

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04-07-2007, 09:25 PM

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As April 15 approaches ... more tax questions

Posted By: Chris

"The fact that you're reporting the sales and paying is a big plus, let the IRS take action beyond that. The chance of an audit is low, and the outcome can be one of two things: Either nothing, or they find you've been to aggressive, and you have to pay what you would have originally, plus a small penalty. I think the penalty is something like 10 - 15 % of the amount due. That is small to me compared to the low probability of an audit."

I got hit w/ interest and a penalty on 10K...it was 25%. Luckily it was an oversight by the IRS, and I didn't have to pay.

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