I do not owe any taxes - just procrastinated.
2007-04-17 23:47:00 · 5 answers · asked by Todd S 2 in Business & Finance ➔ Taxes ➔ United States
Probably nothing will happen to you. The IRS has a limited budget; they must make every dollar count. They think carefully about how they spend it.
The money is best spent (1) discovering and collecting revenue that wouldn't have made it in their door without their effort (2) marketing their police power with scare stories.
Going after a big tax cheat, and prosecuting, putting liens on the business or garnishing wages has the impact they want, especially if the media gets involves and spreads the IRS' win at no expense to the IRS. This is why the IRS publicizes these cases in March and April: to scare the general population into compliance by April 15, while it's on the public's mind.
2007-04-18 00:10:32 · answer #1 · answered by VT 5 · 0⤊ 1⤋
If you do not owe any taxes, then you will not be penalized for filing a late tax return. However, situations may arise that may cause this tax account into a balance due (miscalculation of taxes, errors, additional tax liabilities assessed). This situation is not common but it does happen. The reason why the IRS wants you to file timely is so that if any of the above situations arise, the penalties and interest will be only assessed based on the due date of the tax return, not the date you filed your tax return.
The due date of the tax returns every year is by no means a scare tactic, it's actually to protect taxpayers from rare but very expensive situations like that.
2007-04-18 02:44:07 · answer #2 · answered by porselin 2 · 0⤊ 0⤋
Nothing at all. There is no penalty for a late filing if you don't owe taxes on your return.
2007-04-18 01:34:12 · answer #3 · answered by Anonymous · 1⤊ 0⤋
the money withheld out of your refund is going to pay down her pupil loans. the ideal element you're able to do is without put off get them modern and save them that way. bypass forward and record 2006. in case you wait till after 4/15/10, you will no longer get the refund in any respect, nor will it bypass against the pupil loans.
2016-12-16 09:00:07 · answer #4 · answered by kulpa 4 · 0⤊ 0⤋
If you don't owe anything, nothing happens - they just take it late, and you still get your refund, and there's no penalty.
2007-04-18 03:54:59 · answer #5 · answered by Judy 7 · 0⤊ 0⤋