can i get in trouble for sending my taxes in late?

Question

If I send my 2006 tax return in like september or october, can I get in any real trouble, or just get fines? What if all my income was self-employed, does that make it worse?

Answer 1

No, you won't be in trouble for sending them your return in late, but if you owe taxes, you will have interest and penalties on top of the taxes. The longer you wait beyond the April deadline the more interest and penalties will add on. But without knowing on your self-employment income, how much it was, and how much your expenses against it were, and if you paid any estimates, I can't really tell you what your situation looks like. But generally the rule is the longer you wait, the more you'll pay.

Answer 2

You could get in trouble, but the most likely result will be the interest and penalties that you'll pay. File as soon as possible - if you didn't file for an extension, a penalty for late filing is accumulating each month along with interest and penalties for non-payment on what you owe.

The only affect that being self-employed has is that, if you didn't make quarterly payments, you probably owe more due to the self-employment tax (social security and medicare). Since the interest and penalty amounts are based on what you owe, those could be substantial.

If you don't owe anything, there won't be any penalties, but from your question, doesn't sound like that's the case.

Answer 3

I have been a tax accountant for 27 years and I am responding to your question for the prime reason that the other responses I read are so horribly flawed that I feel compelled to do so.

Many so-called professional accountants so worship and fear the IRS that they are rendered blind to their client's needs. This is partly due to a genuine concern to protect their own butts since they are not as knowledgable as they would have people think.

The FIRST question any reasonably competent accountant should ask is, why are you filing your taxes late. The Internal Revenue Code provides for "reasonable cause" abatements or non-assessments of late-filing penalties.

Naturally, if it turns out you owe no tax, there is no tax due upon which to calculate a late-filing penalty. However, in certain jusidictions there is an enforcement fee charged against the taxpayer for not filing a return after demand.

Generally speaking, if you owe no tax, you have nothing to worry about. But, if you do owe tax I concur with the advice to get the return on file as soon as possible and worry about paying the tax later, so as to halt the late-filing penalty which is calcaluted for each month or part thereof for which the return is late. So, sooner the better is the wise thing to do.

However, if you do have a valid reason why your return is being filed late (e.g.: death in the family; serious illness; drug or alchohol problems for you or a close relative; miltary service; incarceration; natural disasters occuring within a federal disaster area; abduction or kidnapping of a spouse or child--to name a few) you will want to execute a sworn affidavit attesting to the reason and requesting abatement or non-assessment of any "statutory additions" to the tax, attaching that statement right behind your form 1040, and handwritting across the top of form 1040 (page 1) "Reasonable Cause Affidavit Attached."

In the affidavit do not admit that you are filing late, but merely state that in the event this return is to be considered as being filed after the due date (ecetera) . . . .

Lastly, one of the responses indicated you will be audited because the return is not being filed on time. That is a load of rubbish! The IRS selects return for audit mainly from the pool of returns filed within the normal cycle. But it is not a good idea to let this go on for years, because then you may find an audit notice in your mail, after the returns get filed. If you do not file at all, you can expect a demand letter, a notice of proposed assessment, and a final notice of proposed assessment, after the expiration of which you lose the right to petition the U.S. Tax Court, owe the tax and must pay it before you can contest the assessment.

Answer 4

Trouble? No. Penalties? You bet! The more you owe, the higher the penalties. If you haven't filed yet, do so immediately even if you can't pay the tax! That will stop the clock on the penalty for late filing. You will still have penalties and interest for late payment as well, so pay as much as you can as quickly as you can. BUT, if you don't owe anything or have a refund coming, there is no penalty at all.

Answer 5

I would plan on paying a fine and possibly being audited.

Answer 6

IF YOU didn't apply for the extension, then yes its like you not paying at all. you can go to jail for tax fraud. you need to call and talk to them

Answer 7

Most likely you'll get fined, and you'll be in deep **** if you wait any longer.

Answer 8

Any doubts?