are there stipulations to that rule? what if you have to pay in but it's not very much could you not file this year and file next year?
2007-03-27 13:32:04 · 11 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The law states that you have to file taxes every year if you earn an income. not every two years. Even if you have little or no tax burden, once you are earning an income, then you have to file taxes..
2007-03-27 13:40:58 · answer #1 · answered by Ola 4 · 2⤊ 0⤋
No, that is not true. I am an accountant. Even if you make a little bit of money one year, you must report it. You can mess things up, big time, if you only report every two years. Because the IRS gets copies of you W-2's and 1099's and they will fine you interest if you don't report it.
On the other hand, if you are getting W-2's and they government owes You money, they you are missing out and may never get your money, that your boss sent in for you from your paycheck. That was your money that was sent to the IRS,and you may be entitled to get it back.
It is stupid and illegal to not file every year. Good luck. Now file your taxes.
2007-03-27 23:45:05 · answer #2 · answered by Chris 3 · 0⤊ 0⤋
Nope, would be nice, but not true. You have to file every year...unless your income falls below a certain level (i.e. high school kids that work part time summer jobs typically fall into this category). If you have to pay/owe the IRS, even if it is not very much...if you don;t pay, you will get hit with penalties if you do not pay which will cost you more money and probably lots of heartache in the long run.
2007-03-27 20:38:07 · answer #3 · answered by chick33 3 · 2⤊ 0⤋
By general regulations and tax laws, you're suppose to file taxes every year; however, you may be able to get away with not filing a return if your income falls below the basic personal tax credit levels or if you make no income at all, but be prepared to support this if CCRA or the IRS ask you for proof of this (like being audited).
2007-03-27 20:42:01 · answer #4 · answered by Anonymous · 0⤊ 2⤋
Taxes must be filed annually. Late filing attracts penalties. You can't filed two years together. One will be considered as late filing.
2007-03-27 20:38:10 · answer #5 · answered by SGElite 7 · 2⤊ 0⤋
That someone is wrong. If you make enough to be required to file in any year, then you have to file that year.
2007-03-27 21:00:44 · answer #6 · answered by Judy 7 · 2⤊ 0⤋
Somebody's pulling your leg. If you owe and wait until next year you'll owe more since penalties for late filing and late payment along with interest will be tacked on.
2007-03-27 20:37:44 · answer #7 · answered by Bostonian In MO 7 · 3⤊ 1⤋
You can file every two years if you were born on a leap day.
Also, the word gullable is not in the dictionary.
2007-03-27 20:48:25 · answer #8 · answered by Scott T 1 · 0⤊ 2⤋
yes you can if you are a twin. you and he/she can alternate what years you file taxes.
2007-03-27 21:27:59 · answer #9 · answered by RichManPoorMan 2 · 0⤊ 2⤋
absolutlely not. 99.9% of people know nothing about taxes and financial matters so don't even listen to them.
2007-03-27 20:52:15 · answer #10 · answered by vegas_iwish 5 · 1⤊ 0⤋