2007-04-12 12:00:35 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
its just a return
2007-04-12 12:01:08 · update #1
I don't think there's a penalty perse. They only care if you owe them money. However if you don't file taxes a few years in a row it may look suspicious and give them a reason to audit you.
2007-04-12 12:04:17 · answer #1 · answered by Veggie 3 · 0⤊ 1⤋
If you don't owe, there are no interest or penalty charges, But the biggest thing is you penalize yourself by not getting any refund you might have coming to you. And if you are Self employed you are not making any contribution to Social Security and Medicare, If you become disabled there is not going to be any benefits because you didn't pay into the system,, Not to mention trying to purchase a home or car, most lending agencys/banks want to see copies of tax returns before they will consider you for any type of loan
By not filing you are only hurting yourself
2007-04-12 12:20:00 · answer #2 · answered by Anonymous · 1⤊ 0⤋
If you don't owe there won't be a penalty, but you could be missing out on a refund. If you are working and making money that may well be the case, because the with holdings add up. You may well be entitled to some cash back from the government. Why let the government keep money that is rightfully yours?
2007-04-12 12:11:01 · answer #3 · answered by ryan9901 2 · 0⤊ 0⤋
There are several reasons you should file:
1. The law requires it
2. It starts the statute running that can stop the IRS from auditing you in case you are wrong and do owe money
3. If you are owed a refund, eventually the statue of limitations will expire and you will not be allow to collect it even if you tried
4. It reduces the chances of drawing unwanted attention from the IRS
5. You might even be eligible for earned income or other credits which might generate a large refund for you
2007-04-12 16:51:37 · answer #4 · answered by RAG 2 · 0⤊ 0⤋
Technically you are required to file if your income was above a certain amount, but if you don't owe anything, there isn't a penalty if you don't file. But if you have a refund coming, you won't get it.
2007-04-12 13:44:38 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
go to irs.gov and file the free tax prep for your return its FREE if you didnt make more than 52,000.00 get it and the form asks he right questions to get you money back did you know the fed's charged a tax for years on long distance and have to give everyone 60 dollars this year so see its good to do it
2007-04-12 12:08:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You are only required to file if you owe money. If they owe you or nothing is owed there is no requirement to file..
Go to www.losthorizons.com for the real info..
2007-04-12 12:53:36 · answer #7 · answered by winetaster6 2 · 0⤊ 3⤋
You are required only to file, regardless of whether you earned anything or not, or owe or not.
2007-04-12 12:09:17 · answer #8 · answered by KEVIN A 1 · 1⤊ 1⤋