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Do you have to pay taxes on money saved at home over a period of years?
Wiki User
∙ 14y ago
When you first get money, if it is from a taxable source, you pay tax on it no matter where you plan to keep the money. Just because you plan to keep it at home doesn't make it exempt from tax. For example, if your employer pays you a salary, you have to pay taxes when you get your salary even if you plan on keeping it in your home.
But if you just throw the money in a desk drawer or under your mattress, there is no additional tax for keeping it there and no additional tax for later removing it and spending it. Of course, if you spend it on something that is subject to sales tax, you have to pay sales tax whether you get the money from your home or from your bank.
On the other hand, if you buy a home and a number of years later find that the previous owner had stashed a large amount of cash in the attic behind a loose board, the money that you found could be taxable if you keep it.
Wiki User
∙ 14y ago
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Do i owe taxes if i haven't worked in 8 years?
No, a person will not owe taxes to the IRS if they haven't worked in 8 years. Taxes are only due on money earned.
What are the penalties for owing $10,000 in back taxes to the IRS, for 2 years?
It is going to depend on if they are personal or business taxes, and it will depend on how late you are in filing for the late period or extension period.
Do you have to file taxes if your under 18?
You may have to pay taxes if you are under 18 years of age. You are required to file taxes depending upon the amount of money that you bring in.
Received a payout from aflac after having policy for 20 years do i have to pay taxes on the money received?
No, not unless you deducted the cost of the insurance on your taxes.
What will happen if you file the current years taxes and owe for back taxes?
You will have to pay a fine. And pay all the money back that you owe.
Do i owe taxes if i haven't worked in 8 years?
No, a person will not owe taxes to the IRS if they haven't worked in 8 years. Taxes are only due on money earned.
What are the penalties for owing $10,000 in back taxes to the IRS, for 2 years?
It is going to depend on if they are personal or business taxes, and it will depend on how late you are in filing for the late period or extension period.
What happens if you have earnings for a pay period that falls between years?
There is no period between years, the year you receive the money is the year you claim the money.
What is lawyers retirement?
Usually whatever money he has saved and invested over the years.
Do you have to file taxes if your under 18?
You may have to pay taxes if you are under 18 years of age. You are required to file taxes depending upon the amount of money that you bring in.
Received a payout from aflac after having policy for 20 years do i have to pay taxes on the money received?
No, not unless you deducted the cost of the insurance on your taxes.
What is a good amount of money to have saved for retirement?
$1M for every 10 years you want to live after retirement
Why did the colonist have to pay so many taxes after the seven years war?
England needed money.
How long does an unpaid tax lien expire?
It depends on the type of lien. A lien for unpaid property taxes does not expire. A lien for federal income taxes lasts ten years plus a grace period for rerecording. State income tax liens vary in their statutes of limitations.It depends on the type of lien. A lien for unpaid property taxes does not expire. A lien for federal income taxes lasts ten years plus a grace period for rerecording. State income tax liens vary in their statutes of limitations.It depends on the type of lien. A lien for unpaid property taxes does not expire. A lien for federal income taxes lasts ten years plus a grace period for rerecording. State income tax liens vary in their statutes of limitations.It depends on the type of lien. A lien for unpaid property taxes does not expire. A lien for federal income taxes lasts ten years plus a grace period for rerecording. State income tax liens vary in their statutes of limitations.
Can you file back taxes for previous years?
Yes you can, but you might incur some penalties if you owed money.
Why did the british enact taxes such as the stamp act?
England and France fought over a piece of land for about 10 years. after 10 years of fighting, england lost a lot of money and supplies. to get back on track, they decided to create more taxes for the colonies so that the colonies could help them with the money. one of the taxes that they created was the "Stamp Act"
What will happen if you file the current years taxes and owe for back taxes?
You will have to pay a fine. And pay all the money back that you owe.
