i didnt get all my tax papers in time last year so i never went down to file my taxes. this year i have all my tax papers early and want to know what to expect when i go to file this year.
2007-02-04 18:38:09 · 8 answers · asked by kryptons_kal 1 in Business & Finance ➔ Taxes ➔ United States
missed the deadline....? see the irs wesite faq's
2007-02-04 18:43:29 · answer #1 · answered by benzeeno619 3 · 0⤊ 1⤋
I know in Australia that if you are late to file taxes or have a few years accrued, if you are a low to mid income earner (under $60,000) they dont really care that much coz they tax the hell out of you anyway! Unless you have things that just dont add up, then expect an audit...........and you file it before June 28 of the following financial year, it should be all fine and no penalty is given. If you are in the USA you can call the IRS anonomously and request information but one would assume that if you file it along with a stat dec informing of the circumstances surrounding the reason why you didn't file, most people are very understanding. Put it out there that everything will be fine, and the universe will make sure it will be, just be positive. I hope it all works out for you mate.
2007-02-04 18:49:45 · answer #2 · answered by Anonymous · 0⤊ 2⤋
You can still file for 2005. After you get 2005 out the way file 2006. If you owe for 2005 there will be penalties plus what you owe for filing late. If needed you can request to pay in installments. Keep in mind if you are owed a refund for 2006 taxes and owe for 2005 taxes, your refund will be taken to cover the amount you owe. I believe you have 3 years to file for past years taxes but should always file before deadline to avoid late penalties and interest. For more info ...
http://www.irs.gov
2007-02-05 00:32:42 · answer #3 · answered by ladysoul 1 · 1⤊ 0⤋
Go ahead and file this year's - nothing will happen because of last year.
But then file last year's also. You file them separately from this year, and have to use last year's forms and instructions. If you have a refund coming, you'll still get it. If you owe, there will be interest and penalties in addition to what you would have owed if you had filed on time.
If you don't file last year's, eventually you'll get a letter from the IRS, probably sometime in 2007, telling you what THEY think you owe, and it might be more than you really would if you filed now.
2007-02-05 05:07:10 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
First off, file your 2005 return NOW! Do that first! If you have a refund coming you'll still get it. If you don't, the IRS may "construct" a return for 2005 and they're not noted for keeping your best interest at heart when they do that.
Once 2005 is out of the way, start on 2006.
2007-02-04 23:11:37 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 1⤋
If you owe the government money from last year, interest (a penalty) will be tacked on to the previous amount that you owed. The penalty is not a small amount, by any means.
It's in your best interest to file your taxes every year. If you owe from last year AND this year, it's gonna put a pretty big "gouge" in your wallet. :(
2007-02-04 18:45:08 · answer #6 · answered by ♥Carol♥ 7 · 0⤊ 0⤋
He'd extra appropriate report them now. and then he'd extra appropriate report THIS 365 days's taxes, too. The IRS *will* get closer him. it relatively is a lot extra appropriate if he in basic terms does the the superb option ingredient in the previous they do.
2016-10-01 11:01:11 · answer #7 · answered by ? 4 · 0⤊ 0⤋
They will penalize you off of what you get back from last year. This years tax returns shouldn't be affected.
2007-02-05 03:55:52 · answer #8 · answered by shaydzofluv 2 · 0⤊ 2⤋