When I go have my taxes done should I bring all the paperwork from last year's (that I didn't file)? Will I be fined if I don't owe money?
2006-10-14 00:25:53 · 12 answers · asked by th25tina 3 in Business & Finance ➔ Taxes ➔ United States
If you do not owe money you will not be fined - they only fine you if you owe them money. When you go to have your taxes done they still will have to file two separate returns but as long as you do not owe any money there is no fining.
2006-10-14 00:34:48 · answer #1 · answered by freemansfox 4 · 0⤊ 0⤋
I assume that by last year you mean 2005. If you filed an extension the deadline is Monday, Oct 16th, Midnight. If you owe nothing and/or are due a refund you should be okay. You cannot file taxes for 2006 until after January 1, 2007; so don't worry about this year yet.
2006-10-14 05:02:32 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
The following is copied from the IRS website under "Haven't Filed an Income Tax Return? Here's What to Do"
Facts About Filing Tax Returns
* Failure to file a return or filing late can be costly. If taxes are owed, a delay in filing may result in penalty and interest charges that could increase your tax bill by 25 percent or more.
* There is no penalty for failure to file a tax return if a refund is due. But by waiting too long to file, you can lose your refund. In order to receive a refund, the return must be filed within 3 years of the due date. If you file a return, and later realize you made an error on the return, the deadline for claiming any refund due is three years after the return was filed, or two years after the tax was paid, whichever expires later.
* Taxpayers who are entitled to the Earned Income Tax Credit must file a return to claim the credit even if they are not otherwise required to file. The return must be filed within 3 years of the due date in order to receive the credit.
* If you are self-employed, you must file returns reporting self-employment income within three years of the due date in order to receive Social Security credits toward your retirement.
2006-10-14 07:58:00 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
If you owe for last year, you'd be wise to file as soon as possible since interest is accumulating, along with possible penalties. If you don't owe, just take everything in when you file this year and file both years then, there wouldn't be a penalty.
2006-10-14 04:54:30 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
You will be fined if you have not filed stuff in the correct year. You will also have to pay interest on any money you may owe.
2006-10-14 00:29:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The last poster is correct.If you don't owe money, no fine.You have 3 years to file Federal tax returns as long as you don't owe money.After that, you lose any refund.
2006-10-14 00:37:50 · answer #6 · answered by disdrawkcab 5 · 0⤊ 0⤋
Yes.Take all your paperwork. You shouldnt be fined unless you owe them money. You may also be able to do income averaging if its to your benefit. See a taxman.
2006-10-14 00:41:17 · answer #7 · answered by thelawn 2 · 0⤊ 0⤋
you can file right now. just take them to a cpa. you will be ok if they owe you.
2006-10-14 00:29:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes, no not long enough for a fine,
2006-10-14 00:28:51 · answer #9 · answered by GOOCH 4 · 0⤊ 0⤋
maybe a small fine
2006-10-14 00:34:36 · answer #10 · answered by blank 5 · 0⤊ 0⤋