I was financially supported by my father until mom's death and then I lived off my inheritance for a couple of years (while living in the family home)
I did some babysitting, flea market selling (estate), and web design for 2005 but I was sick as a dog during april with strep throat and didn't file taxes. I want to file taxes b/c I have been putting money into my bank account and I also want to go back to college and use scholarship money
2007-06-06 09:58:36 · 10 answers · asked by stephaniemorosi2 2 in Business & Finance ➔ Taxes ➔ United States
I have been a tax accountant for 27 years. Most of the people responding before me are only partly right or dead wrong (with the Exception of Brian).
Brian is right. File now and the IRS will send you a bill for any penalties and interest. The late filing penalty is not too bad so long as you don't delay; it's 5% per month (or any fraction thereof) to a maximum of 25%.
If you are owed a refund, there will be no penalties. But take it from someone who knows what he's talking about: do not try to do your own taxes. The software out there is total garbage and the IRS knows it, but wants people to make mistakes so they don't get all they should or incurr penalties for errors.
You just saved $150 per hour.
2007-06-06 10:39:23 · answer #1 · answered by Anonymous · 0⤊ 2⤋
Yes, you may file the return. As has been mentioned, if you are due a refund you will receive it... no penalties. If you owe tax then you will be charged a late-filing penalty and possible an underpayment penalty. But if your tax liability is low your penalties will not be much.
If you do not file, after 3 year you will not be able to get the refund (if you are due a refund.) Additionally, until you file you will have an "open tax year"... until a tax year is "closed" it is subject to the IRS's review.
2007-06-06 10:46:17 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Yes, still file your return. If you are due a refund, you are still going to receive it with no penalties. If you owe money, you will have to pay a late filing penalty and interest on what you owe, but at least you will have it taken care of and not start getting letters from the IRS.
2007-06-06 10:07:24 · answer #3 · answered by Brian G 6 · 1⤊ 0⤋
Yes you can file, if you are getting a refund you have 3 years and if you owe well you are going to have some pretty ugly penalties.
2007-06-06 10:51:50 · answer #4 · answered by reciprocityabound 3 · 0⤊ 0⤋
Yes, you can file this late - even if yo did not file an extension. Just fill out file the return(s) as though it was before the april filing deadline.
2007-06-06 10:04:49 · answer #5 · answered by Alan W 1 · 0⤊ 1⤋
Yes, you can file until October 15th with no problem. It looks like you are going to have fun trying to figure out what your net earned income was in 06 though.
2007-06-06 11:29:05 · answer #6 · answered by acmeraven 7 · 0⤊ 0⤋
Yes
2007-06-06 10:05:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you owe taxes, you need to send them a check immediately on what you owe. You can then file for a late filing - due in August. But if you don't send money now, you will owe additional penalty and interest.
If they owe you, you still need to send in an extension request, and finish before August.
2007-06-06 10:09:02 · answer #8 · answered by Rod K 1 · 0⤊ 4⤋
You would be leaving yourself open to interest and penalties for not filing on time. It is also likely that you would be audited. I suggest you talk to a tax attorney. You may be able to find one in your area at www.handelonthelaw.com.
2007-06-06 10:38:11 · answer #9 · answered by regerugged 7 · 0⤊ 3⤋
You can file late, but you will get penalties and interest. Anything that was cash and not reported you probably shouldn't tell them about. By the way, TaxACT ( https://www.taxactonline.com/s_online_tax2006/introduction/signin.asp ) is cheap and good.
2007-06-06 10:09:41 · answer #10 · answered by Anonymous · 0⤊ 3⤋