ok i didnt file my state taxes yet, and its 2 months pass due, am i going too jail for tax evasion? or am i going too have too pay a 35,000 dollar fee? whats going too happen im filing them as we speak!
2007-07-20 03:41:32 · 5 answers · asked by themanthemanfrozen 2 in Business & Finance ➔ Taxes ➔ United States
late pay penalties, and late pay interest. Did you do an extension? If not than you may have more penalties, such as failure to file in addition. Don't know how much tax you owe, if any, so don't know exactly how much your penalties and interest will be. If you are owed a refund, then you will not be penalized for either penalties or interest, and the only thing you will have lost will be the ability to have invested your refund if you had filed on time. You'll have lost out on about 3 months of interest in that case.
2007-07-20 04:15:55 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Not possible to say. In most states if you're due a refund there is no penalty for late filing. At least one state -- Ohio -- assesses a $500 administrative penalty for late filing even if you are due a refund.
Nobody goes to jail for late filing.
2007-07-20 03:59:39 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
No, you aren't going to jail or have to pay a huge fine. But depending on your state, there will almost surely be some penalty if you owe, and might be a fine for not filing on time even if you don't owe anything.
2007-07-20 04:39:21 · answer #3 · answered by Judy 7 · 1⤊ 1⤋
My mom works for the IRS and she says that you'll be fine. They only really come after you if you owe a large amount. If you're entitled to a return then they won't bother you at all.
2007-07-20 03:45:15 · answer #4 · answered by Gwenilynd 4 · 0⤊ 3⤋
uk and us have different law and in uk, this doesnt happen like that
2007-07-20 03:44:42 · answer #5 · answered by Anonymous · 0⤊ 2⤋