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| *Ostroff, Fair and Company>>>United States Taxes |
How many years are you allowed before having to claim income? |
How many years are you allowed before having to claim income? Zero. If you have sufficient income, you must file a tax return and pay any taxes due. The determining factors are the amount of income, its source and your filing status. I don't think it has anything to do with time but how much money you made that year. Taxes are paid on the amount of money you earn in the United States, not time Actually what ever you can get away with. If you never file they may never bother to look for you. If you have or do file then I you better pay when due. I assume you're talking about if you have a business. You have to claim income as soon as you have some, but there isn't a specific number of years before the IRS will disallow your expenses if you don't make a profit. The determination for that depends on whether you show that you are TRYING to make a profit. |
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