what happens if your late filing your taxes
2007-03-20 13:36:17 · 8 answers · asked by brian j 1 in Business & Finance ➔ Taxes ➔ United States
yes i will owe. between 1000 and 1500.what are chances of being audit
2007-03-20 15:03:17 · update #1
That depends.
If you have a refund coming, you get your refund late. And if you are REALLY lazy and delay filing for 3 years you lose it entirely. There is no late filing penalty if you have a refund coming, at least on your Federal return. Some states DO assess a late filing penalty even if a refund is due. OH is a good example; they assess a $500 late filing penalty on EVERY late state income tax return.
If you owe then you will be assessed a late filing penalty. Then there is an additional penalty of for late payment of the tax, plus interest at the prevailing rate on all of the unpaid amounts. That interest accrues daily until the total bill is paid and the interest rate can change quarterly. The current interest rate is 8% APR.
The odds of being audited are not solely based upon filing a late return. The content of the return is what will trigger the audit.
If you can't pay your taxes by April 17, 2007 at least file the return on time! That will prevent any penalties for late filing. You'll still have penalties and interest for late payment but your total debt to the IRS will be less.
2007-03-20 13:44:13 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
If you don't fill your taxes then you will must pay late payment or late payment interest of due payment. And also If can't have money to pay this then you can take out a loan. The IRS will eventually catch up to you. All Taxpayers have max three years from the due date to file and claim their federal refund.
2014-10-27 09:55:58 · answer #2 · answered by Jacob Singh 3 · 0⤊ 0⤋
Penalty for not filing or late filing plus interest on tax due.
2007-03-20 20:41:03 · answer #3 · answered by Jo Blo 6 · 1⤊ 0⤋
If your due a refund, nothing. You have 3 years to file. If you owe, FINES & PENALTIES!
2007-03-20 20:58:13 · answer #4 · answered by barbara 2 · 0⤊ 0⤋
You will be contacted by IRS.
(Probably a paper audit.)
You will be given instructions and options.
You will also be charged penalties until you pay in full.
Move quickly, penalties can become expensive.
2007-03-20 21:22:14 · answer #5 · answered by wwdrhugh 2 · 0⤊ 0⤋
nothing if you dont owe anything.
Overdue interest penalty if you do.
probably.
Call & inquire.
2007-03-20 20:40:55 · answer #6 · answered by smiling_freds_biz_info 6 · 0⤊ 0⤋
Start washing your ankles.
Soon you'll be wearing shackles.
2007-03-21 14:23:30 · answer #7 · answered by bold4bs 4 · 0⤊ 0⤋
you get a visit from the pain monster!!-futurama
The irs looks you up.
2007-03-20 20:44:04 · answer #8 · answered by Jeffrey K 2 · 0⤊ 1⤋