I havent filed my taxed yet, Am I in trouble?

Question

I never filed and extension and still havent reported my earnings for 2005. CAn I still walk into a tax place and have them processed? What is my penalty? Im single 1. no assets, under 30 grand.

Answer 1

You're not in trouble, per se, because you have 3 years to file a return in order to get a refund (if due). But what happens when you don't file a return is that IRS files a Substitute 1040 for you, and then they add penalties and interest to it, and the interest is accumulative, so you're much better off filing it now to eliminate owing them any more than you may already owe. If you owe and can't pay, they will work out a payment plan with you, and you should take their offer, because the interest they charge is much less than paying it with a credit card. And you don't need to hire someone to file the return for you; just go to irs.gov, find the form, fill it out and mail it in.

Answer 2

Did you have enough income to be required to file? If not, then no you aren't in any trouble. If you didn't owe for any of those years, even if you made enough to be technically required to file, there isn't a penalty for not filing. The problem is though that if you had refunds coming, you're forfeited them for any tax year before 2005. If your income was on a W-2, and you didn't file but haven't heard from the IRS about it, you can be pretty sure that for any year longer ago than a couple years, you didn't owe and probably just donated your refund to your Uncle Sam.

Answer 3

No, you have 3 years in order to file tax forms if you are to receive a refund. If you owe, its usually only a few cents a day penalty. Extensions are available, or even a 120 day hold (which allows you to pay by then). These are only facts if you grossed more than your 2005 exemption (3200 per person) + your standard deduction (5000 single, 7500 hoh, or 10000 jointly). If not, then you are not even required to file unless you would just like the refund. Yes, there are tax places still available, not able to mention names, but I work at one.

Answer 4

If you are getting a refund, then there will be no problems except for the possibilty of filing late. That penalty is about $100. However, if you owe, then you will be hit with the late filing penalty on the amount that you owe plus interest.

Answer 5

If you don't owe any tax, then you won't owe any penalty. If you do owe tax, then the penalty is usually 5% of the amount due for each month or part of a month your return is late, unless you have a reasonable explanation. You also will owe interest on the unpaid tax.

Answer 6

If you owe the government money you're in trouble. If they owe you a refund, no sweat. Don't put it off another minute. Go and get it done. You'll worry yourself sick otherwise. You can't undo what is done, but you can take care of business now. My family uses H & R Block. I'm sure there are other reputable companies you can use. God bless!

Answer 7

The sooner you file, the better. IRS will compute penalty, then interest, if you owe tax. See H&R Block or Jackson Hewitt.

Answer 8

Better late than never. Penalty wouldn't be very much. It doesn't sound like you would owe based on small income.

Answer 9

DID YOU HAPPEN TO FILE FOR AN EXTENTSION? IF NOT YES YOU ARE IN TROUBLE, IN THE FORM OF PENALTY, MOST PLACE THAT YOU CAN WALK INTO ARE NOW CLOSED YOUR CAN TRY GOING ONLINE TO IRS.GOV WHERE YOU CAN DOWN LOAD PROGRAMS THAT WILL ALLOW YOU TO E FILE FOR FREE I USED COMPLETE TAX.COM IT WAS FREE AND ALL I HAD TO DO WAS ANSWER THE QUESTIONS THE PROGRAM ASK ME. IT TOOK ME ABOUT 45 MINUTES.

Answer 10

Well, Considering that they are only two months late...
...YEAH! You should go to your accountant and your lawyer to get this straightened out ASAP!