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Revision as of 03:37, 22 September 2024

Invincible? The irs extends special treatment to no one. Famous movie star Wesley Snipes was arraigned with Failure toward putting away Tax Returns from 1999 through 2004. Did he get away with the application? No! Even with his fancy expensive lawyers, Wesley Snipes received the maximum penalty for not filing his tax returns - few years.

Proceeds after a refinance are not taxable income, in which means you are watching approximately $100,000.00 of tax-free income. You've not sold save (which would certainly be taxable income).you've only refinanced keep in mind this! Could most people live on this amount of income for in a year's time? You bet they can simply!

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Three Year Rule - The due in question has turn out to be for a return that was due approximately three years in you will discover. You cannot file bankruptcy in 2007 and constantly discharge a 2006 taxes owed.

Bottom Line: The IRS doesn't worry about your social status. The government only really cares about one thing- getting cash. You can offer dodged the government for now, but much like they caught up to Wesley Snipes- they will catch doing you. Please feel free in settling your Tax Debts!

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