i did not file taxes 2006 how much trouble will i be in when i file?

Question

i did not file on 20,000 does anyone know how much trouble i am going to be in when i file?

I MEAN 2005

Answer 1

HUH???

2006 tax returns are not DUE until 4/15/2007 !!!

If you meant '05 tax return, on 20K earned?

Unless you owed taxes (for many, many reasons)
you will be in no tax 'trouble' -
If, after doing the necessary calculations you 'owe' the feds $, you will also owe interest and penalties for being late ---

Get the facts and figures calculated - NOW - to avoid more fees accruing, each month . . .

It's not nice (or cheap) to fool with IRS . . .

Answer 2

I am assuming you earned $20,000 from your question.

This really shouldn't be a very high tax bill, and if you filled out your W-4 properly, you are more likely to be due a refund.

If you are owed money, filing late is no big deal - you've basically let the IRS keep your money longer. They aren't going to complain.

If you owe, you will owe interest and penalties.

The interest and penalties compound, so if you DO owe money and choose not to file, the financial obligation only increases, including eventually a garnishment of your pay if they want to go that route.

FILE, get it taken care of. Then you can move on in your life without looking over your shoulder, without worrying about your credit rating, without worrying about getting your wages garnished, etc.

Answer 3

Not much, if your income was 20,000. You will basically get a fine and have to pay interest on what you owe. If you OWED 20K, and did not pay it, the interest charges will add up quickly. Rather than worrying about the penalty, it would behove you to take action to file quickly. If you are owed money back from the taxes that were withheld, it would be unlikely that you would even be fined. After three years, the government will not pay you any money that you were owed.

Answer 4

nicely the 2010 tax return isn't due till 04152011 so which you're ok there. however the 2006-2009 would desire to be filed now. in case you haven't any longer acquire a letter from IRS soliciting for those returns is because you have been due a reimbursement in line with IRS calculations. report now, you may no longer declare the refund for 2006 or 2007, yet can nonetheless declare the refund for 2008 and 2009, do no longer overlook the restoration rebate on 2008, and the making it artwork pay on the 2009 tax returns, for 2006 do no longer overlook to declare the telephone credit which you would be refunded. solid success, do no longer wait to verify in case you're in complication with IRS, merely report

Answer 5

As long as you file for both years this coming tax season you will be fine. I don't think that there is a penalty, if you do them together, but if you blow it off (2005) all together they will catch up with you.

Answer 6

You should file now and set up a payment plan if you owe money. The longer you wait the worse the penalties will be.

Answer 7

Did you just forget to file? Ihope so,because tax evasions is not good. But you will have to file your return. You will also get hit with fines, and interest. Call the IRS to see what can be done.

Answer 8

You will have to pay penalties and interest. I suggest that you pay your 2005 taxes that are due in 2006 now so you do not accrue anymore interest.

Answer 9

If you are are entitled to a refund, none...you have three years to file and collect on your refund. After that, the IRS wins and you lose. If you owe...your not "in trouble" but there will be monetary penalties.

Answer 10

penities and intrest, no real trouble