I was thinking on doing my taxes in 2008 for 2006 and 2007. this the very first time I did not file and no I did not ask for an extension
2007-10-07 03:41:41 · 8 answers · asked by courtney p 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you did not ask for an extension, and owe money, you are going to get slammed with penalities and late fees. That is the best scenario. The worse case scenario is getting federally charged with tax evasion.
Best of luck.
2007-10-07 04:28:40 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You are going to be hit with all kinds of penalties and interest if you owe them money in either of those two years. If you didn't make much money you may not be hit too hard. Without filing an extension, or having some other great reason, like being on your death bed for almost two years, you had better retain a good tax lawyer for your settlement and compromise with the IRS if you end up owing them a large amount of money.
2007-10-10 07:47:59 · answer #2 · answered by Buddy A 3 · 0⤊ 0⤋
Don't wait until 2008, file it now. If you have a refund coming, you'll get it, with no penalty. If you owe, you'll also be charged penalties and interest, but they'll keep accumulating every month until you take care of this.
2007-10-07 04:55:46 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
File them now. If you own money then plan on paying interest and penalties. If you are entitle to a refund then you have to file to receive it. The longer you wait the more it will cost you.
2007-10-08 00:15:25 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
It all depends. If you did not make enough money you do not have to file taxes, if you have been W-2ed, most likely you are owed money. Lastly, if you owe money, whatever you owe, not filing penalty 25%, not paying penalty 25%, and interest. So for $10,000 owed, you now owe $15,000 plus interest. Not filing is also a crime, misdemeanor, but the IRS only goes after big fish, and encourages people to file old returns.
2007-10-07 04:06:00 · answer #5 · answered by stephen t 5 · 0⤊ 2⤋
Just don't wait any longer.
If you owed any money you will also have fines and interest to pay but the longer you wait the bigger that amount gets.
If you were owed money, you only have a certain amount of time (don't remember how long, sorry) to file and claim that money.
2007-10-07 03:52:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You file now. If you owe, there is a penalty. If you are entitled to a refund, you will receive it late, but there is no penalty.
2007-10-09 08:01:32 · answer #7 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Hope you like paying interest?
2007-10-07 03:51:26 · answer #8 · answered by goldenbear733 3 · 0⤊ 0⤋