I don't OWE any tax & should get a refund, but are there other penalties? Will I still get my refund after I finally get my return in?
2006-10-15 11:18:43 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I filed for the Oct 16 extension and am sure that I don't OWE any tax & should get a refund, but are there any other penalties? Will I still get my refund after I finally get my return in?
2006-10-15 11:25:16 · update #1
I'm in California by the way.
2006-10-15 11:27:51 · update #2
you will most likely still get your refund, but it may be reduced by penalties for non-filing. Many states hour heavy penalties as well. Better for you to just get them done.
2006-10-15 11:22:52 · answer #1 · answered by marty.krist 1 · 0⤊ 0⤋
Whether you owe or not, you will be penalized if you do not file on time. I am not sure about personal returns, but for not-profits that are just an information return (no tax involved) the penalty is $20 per day that you are late. It adds up quick.
2006-10-15 16:40:40 · answer #2 · answered by delvinth 2 · 0⤊ 0⤋
There is no penalty for failing to file a US tax return on time if you owe nothing. If you do owe, there is interest, failure to pay penalty and failure to file penalty, the first two of which will already be running.
2006-10-16 08:26:40 · answer #3 · answered by skip 6 · 0⤊ 0⤋
If you don't owe, then there is no problem. You'll still get your return, you're just giving the Govt. a longer interest free loan.
Get your money and adjust your withholdings so you don't get a return next year. Your goal should be to owe just a little bit, not to get a huge return.
Good luck!
2006-10-15 15:32:32 · answer #4 · answered by personal_finance_101 3 · 0⤊ 0⤋
If you don't owe anything, you won't be penalized and will get your refund - but why don't you get them done?
2006-10-15 12:05:11 · answer #5 · answered by Judy 7 · 0⤊ 0⤋