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meamemg t1_j6ngh18 wrote

Reply to comment by bockbockchickenhead in Optima says my dad owes $40k in back taxes?! by [deleted]

If he made about $80k per year, that would be about $6k in federal income tax and $12,000 in self employment (FICA; medicare/social security) taxes. So if that is about his income it sounds right. If he never filed then interest and penalties could be a significant part of the $20k, so you could owe that much even with significantly less income.

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buried_lede t1_j6nv40s wrote

So many business deductions. In those years I believe 100-percent of health insurance premiums could be deducted and on personal taxes the house mortgage deduction etc. Mileage on the trucks, all the costs. Tons of deductions for a trucking co. Hope they captured all of those. Office too, including home office space

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