2006-06-25 05:51:28 · 18 answers · asked by melder28 2 in Business & Finance ➔ Taxes ➔ United States
If you are getting a refund you not owe the IRS anything. If you owe a balance, the penalty for filing late is $50-$250. This does not include the other penalties and interest the IRS may charge you. I suggest you look on the IRS website for possible tax credits and deductions...
2006-06-25 09:19:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I know alot about this having filed my taxes late many times. You are not in trouble. The most is you might have a late penalty which will be minimal for only two months late. The more months you wait the higher the penalty. I postponed filing my taxes for two years. Doesnt matter. I had about a $100 penalty. Big deal.
2006-06-25 07:30:25 · answer #2 · answered by chaarlene2000 1 · 0⤊ 0⤋
Better late than never! You're not in trouble. If you have a refund coming, it's not going to be a big deal at all. If you have a balance due to the IRS you will be assessed a penalty for late filing and a little bit of interest on the balance owed to them. Good Luck!
2006-06-26 13:56:01 · answer #3 · answered by lade40free 2 · 0⤊ 0⤋
There is a late filing fee and a late paying fee. Both tax penalties are based on the amount you owe.
2006-06-25 06:04:52 · answer #4 · answered by Kevin 2 · 0⤊ 0⤋
yes because you filing after the main deadline, but if filed before August 15 then some of your penalities and late fees wont be so much only for the two months after the deadline, now if you wait until october 15 then you will be over your head in water.
2006-06-25 15:09:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You aren't in trouble, you have up to 4 years to actually pay your taxes, however, you will have to pay a penalty through the IRS, which I believe, the rates depend on how late they are, but I know they are around a couple of hundred dollars. Sorry to be the bearer of bad news...:(
2006-06-25 14:17:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
*shrug*
It's possible, if you owe money.
If you're getting a refund, probably not.
Hindsight being 20/20, you should have filed for an extension, but that's not going to help in this situation. Best advice a non-tax person like me can give you: file as soon as possible.
2006-06-25 05:56:24 · answer #7 · answered by Michael Goodfellow 5 · 0⤊ 0⤋
You will most likely have to pay a penalty if you did not file for an extension before the due date this year.
2006-06-25 05:55:05 · answer #8 · answered by Blunt Honesty 7 · 0⤊ 0⤋
You're never in trouble. If you file late the worse that will happen is they will assess a penalty.
2006-06-26 04:31:16 · answer #9 · answered by beakndi 2 · 0⤊ 0⤋
I believe there is a grace period. You should be able to wait until next tax season and file both years. Check with a CPA, call your local Jackson Hewitt.
2006-06-25 05:58:33 · answer #10 · answered by Cyn 2 · 0⤊ 0⤋