Filed Tax Form before deadline but haven't sent yet. What are the consequences?

Question

My friend is an accountant and she filed my tax forms before the deadline. Unfortunately, I have to send it myself. I'm a bit of a forgetful, sadly, and a disorganized individual. I'm too busy with too many things happening this month alone. Anyhow, I have yet to send the tax form and I was wondering what will be the consequences of sending out the 1040 and 540 tax forms late?

Answer 1

From what you say, your friend PREPARED your taxes, she didn't file them - filing means actually sending them to the IRS, either electronically or by mail. If they weren't filed electronically, and you were supposed to mail them and didn't, then they aren't filed. Mail them as soon as possible.

On your federal return, if you have a refund coming there won't be any penalty except the delay in getting it. If you owe, then there will be a penalty.

For state, their might or might not be a penalty depending on what state you're in.

Answer 2

You COMPLETED the forms before the deadline. They HAVE NOT been filed until they are submitted to the IRS. If you are due a refund, you will not be charged a penalty, If you owe, You already owe a late filing penalty and are accumulating late payment penalties and interest every day. FedEx the forms NOW. Don't keep reading these answers, get the forms to a FedEx office NOW!

Answer 3

I know for sure that you need to put it in the mail ASAP. The longer you wait the more they will fine you if you owe money. If you are owed money from the government there is no penalty for a late file. Why didn't she have you sign an e-file waiver so she could electronically submit your taxes? Make sure you do that next year.

Below is from the IRS website. www.irs.gov. Lots of info you should check it out.

Failure to file a return or filing late can be costly. If taxes are owed, a delay in filing may result in penalty and interest charges that could increase your tax bill by 25 percent or more.
There is no penalty for failure to file a tax return if a refund is due. But by waiting too long to file, you can lose your refund. In order to receive a refund, the return must be filed within 3 years of the due date. If you file a return, and later realize you made an error on the return, the deadline for claiming any refund due is three years after the return was filed, or two years after the tax was paid, whichever expires later.
Taxpayers who are entitled to the Earned Income Tax Credit must file a return to claim the credit even if they are not otherwise required to file. The return must be filed within 3 years of the due date in order to receive the credit.
If you are self-employed, you must file returns reporting self-employment income within three years of the due date in order to receive Social Security credits toward your retirement.

Answer 4

you're able to desire to document a return -- in case you do not the prospect is that the IRS will seek for a set and you would be arrested in case you come back to the US. i choose to propose you seek for examine stubs from the corporation...the examine stubs ought to tutor wages paid plus the quantity withheld. it incredibly is a criminal offense for an corporation to withold taxes and then not document & remit to the IRS. The IRS will aggressively pursue the corporation if that is what has occurred. to safeguard your self you ought to: a million. Pull each and all the examine stubs you are able to hit upon -- at a minimum my desire is you will have the proper stub for 2006 and it exhibits entire wages & withholdings for the year 2. touch the IRS on the variety listed on the weblink below -- they can assist you you in holding your self 3. document your 2006 tax return -- you would be assessed a penalty yet once you checklist each and everything and deliver a request for an abatement of the penalty while it incredibly is classed it incredibly is probable that the IRS will waive the penalty. 4. observe: the IRS does furnish a ten% reward for reporting on tax cheats -- ask approximately this once you talk to the IRS. stable luck.

Answer 5

File as soon as possible but even if you owe as long as your outstanding liabilty is less than 1000 then you can waive the penalties and interest. And a quick note hang on to your return for three years and then if they dont catch the penalties and interest the statute of limitations has run out and your definatly fine.

Answer 6

Send it in and stop asking questions about it. The longer you wait, the worse it is. If they owe you money, you're losing interest. If you owe them money, you'll pay a penalty.

Answer 7

As long as you don't owe any taxes, you should be ok.

Answer 8

http://www.irs.gov/taxtopics/tc653.html

Here is the link to the IRS website, where you can find the
answer to your question.

good luck & mail that thing.