i just kinda forgot and was wondering if can still file. or if i will get in trouble... help!
2006-12-14 03:38:04 · 5 answers · asked by JohnwuzHere 1 in Business & Finance ➔ Taxes ➔ United States
People are often scared of the IRS. And the IRS likes it that way. But you do have to rememebr that they are in the business of raising money (don't forget, the 'R' stands for 'Revenue'). If you owe a small amount of money, they will not take drastic measures against you simply because it costs tens of thousands of dollars to file criminal charges. They won't pay all of that money if you owe a few hundred dollars (but they will eventually if you continue to neglect paying). They also will not punish you for paying too much. So if you are due a refund, don't expect any trouble.
If you are due a refund, then file now and get what money is owed to you (unless you really like paying taxes). If you owe, file now and the interest will stop accruing. The IRS has been known to reduce some of those penalties if you are the one to bring it to their attention and you pay it off quickly (it saves them the trouble and expense of going after you).
If you owe, each month that you wait, more interest will be added to the amount that you owe (I believe it is 2% a month). So waiting any longer will only increase the amount that is owed. And if you wait any longer, then the IRS will eventually go after you, then make you pay then.
Don't expect any criminal charges or garnishments, unless you owe a lot of money ($50,000+) or if you completly neglect to file and pay what is owed.
Your best bet is to file a 2005 return and get it mailed in ASAP. If you owe, enclose a payment for as much as you can afford. If you cannot afford to pay the entire tax bill, then the IRS will simply send you a bill for the balance. If you think you may be looking at serious trouble, contact a CPA who does taxes (not all of them do) or a tax attorney.
2006-12-14 04:46:18 · answer #1 · answered by j-man 4 · 1⤊ 0⤋
You will have to file it on a 2005 form for last year. You cannot report it as income in 2006.
2006-12-14 03:58:48 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
Yes, you can still file your 2005 taxes.
If you have a refund coming, you will receive it. If you owe, the IRS will hit you with penalties and interest. File it and get it overwith. Unfortunately, it is too late to file it electronically. You will have to mail it in. Get it done now and beat the 2006 rush.
2006-12-14 03:50:48 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋
Yes you can, I believe you can file past returns up to 4 years later, however if you owe taxes, be prepared to pay the penalties.
2006-12-14 03:53:44 · answer #4 · answered by missyhardt 4 · 0⤊ 0⤋
so, you never did your taxes last year??
if that's the case, then you can file your taxes for last year, but you will probably have late fees and penalties.
then, file your w-2 for this year also.
2006-12-14 04:17:28 · answer #5 · answered by joey322 6 · 0⤊ 0⤋