2007-01-22 06:00:53 · 5 answers · asked by milo 1 in Business & Finance ➔ Taxes ➔ United States
Either you will owe money (in which case you will rack up penalties and interest OR you will be owed money...and you'll never know, because you didn't file.
2007-01-22 06:03:05 · answer #1 · answered by Nick C 3 · 2⤊ 0⤋
If you paid enough in to cover your taxes, then not much will happen - eventually you might get a notice that since you didn't file, the IRS calculated your taxes but you don't owe. But unless you hit exactly on what you owe, which is pretty unlikely, then you could have had your refund when the return was due, but didn't get it.
If you owe anything, even $1, there will be penalties and also interest when they catch up to you. And they will, even though it might be a couple years, by which time penalties can be a lot.
2007-01-22 14:27:02 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The IRS will send you a notice about a year or two later asking why you never filed. After 3 years you lose any refund that was due but if you owe the liability never goes away - there is no statute of limitations if you fail to file a return.
2007-01-22 14:04:25 · answer #3 · answered by spicertax 5 · 0⤊ 0⤋
1. might be arrested for tax evasion, as its law to file yearly.
2. might be owned money you'll never see
3. owe money that you are not aware of and then be put on the IRS's payment plan where the interest is almost as high as the monthly payment.
NEVER play with your taxes, NEVER skip a year by not filing, NEVER do anything to your taxes. It can land you in jail and it can land you in debt faster than any credit card can at the mall.
2007-01-22 14:05:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
they keep your money. if enough hasn't been deducted, they will come after you.
2007-01-22 14:03:43 · answer #5 · answered by Magick Kitty 7 · 0⤊ 0⤋