2007-05-23 22:39:38 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No you will not be in trouble with the IRS if you don't owe them anything. Interest and Penalties only apply when you owe them. But you want to make sure that you file the tax return within 3 years of the due date if you are owed a refund. After 3 years you can't collect the refund.
2007-05-24 01:16:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Penalties are assessed on the unpaid balance of your taxes. If you do not owe, you will not be assessed any penalties. Despite the common thinking, filing late does not expose you to more scrutiny by the IRS. Your return will be processed along with those who had a valid extension. The sooner you file the better, as this will show as a delinquent return until you do. If in the future, you apply for abatement of penalty or some other exception by the IRS, they will review your history.
2007-05-24 01:01:02 · answer #2 · answered by BS 3 · 0⤊ 0⤋
Oh sweetie. First your $800 is now around $1600 and going up by way of the minute. you may get a penalty for failure to pay which will nicely be as much as a hundred% of the quantity owed. Then they start up attaching pastime, that's compounded month-to-month at a terrible fee. you're able to be able to desire to shield this or it truly is barely going to worsen. have you ever won notices from them yet? if so, call the huge type and set up a cost plan on the instant and stick to it. Then once you get the unique quantity paid off, you are able to attempt and negotiate to do away with a number of the penalty and pastime, this is stated as an "grant and Compromise". As for submitting your taxes next 365 days, the only effect this might have is that in case you have become money decrease back, they might probable save it and prepare to your previous bill. Please submit to in innovations that in case you owe returned this 365 days they gets admission to a penalty in case you haven't any longer remitted quarterly envisioned tax money to them. It seems such as you're able to be able to desire to chop back your allowances to your take domicile pay. Please do no longer proceed to place your head in the sand, have confidence me, you will remorseful approximately it in case you do.
2016-10-13 07:36:00 · answer #3 · answered by ? 4 · 0⤊ 0⤋
No. Just make sure that when you file, the paperwork is correct in indicating that you are owed a refund or have broken even. Your return is likely to undergo much more scrutiny.
2007-05-23 22:43:09 · answer #4 · answered by Venita Peyton 6 · 0⤊ 0⤋
No, if you don't owe them anything, there won't be a penalty for filing late.
2007-05-24 03:04:34 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
No,I'm sure the IRS has no problem with collecting interest on your money.
2007-05-24 01:39:39 · answer #6 · answered by momzadork 3 · 0⤊ 0⤋