2007-10-17 05:01:27 · 16 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
In contrast to the other answers.....I was a tax preparer for 5 years. If you owe money there will a penalty for late filing and interest based on the amount that you owe. If no money is owed and you expect a return there is no penalty, the best thing is to file as soon as you can. As far as going to jail...well big brother is not that severe..in personal taxation unless there is a substantial amount owed and the missed filing is a deliberate act to avoid payment of taxes. The IRS will work with an individual to come up with a payment plan for substantial monies owed plus interest and will put a lien on your property or garnishment of wages until paid in full. A person should always file an extension to file by Apr. 15 if they are not able to get them done on time, the extension will give you until Oct 15 to get it them completed.
2007-10-17 05:16:49 · answer #1 · answered by lvlksuperior 3 · 0⤊ 1⤋
See about filing an extension.. I'm sure their was a deadline for that too but I'd definitely do something.. either file late or see if can extend. Speak with a Accountant, should be some type of free advice you can call or check on line. Maybe check some government website having to do with taxes and their should be a number to call for free advice.
No really sure if anything would happen though even if you didn't file. But you might want to do it anyways.
2007-10-17 05:08:44 · answer #2 · answered by Kevin C 2 · 1⤊ 1⤋
If you owe, they'll charge penalties and interest. If you don't owe anything, there won't be a penalty - and if you have a refund coming, you'll get it even if you file late as long as it's not over 3 years late.
File as soon as possible though. If you don't file, eventually you'll hear from the IRS about it, but that can take a year or more - by that time, penalties and interest will have really added up.
2007-10-17 05:43:43 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
Initially nothing. I've filed as much as 3 yrs. late.
A bit of advice though, don't procrastinate that long, the IRS will get nasty!
Call the district IRS offices, explain that you missed the deadline and get the filing done ASAP.
You should not face any penalty or fines.
2007-10-17 05:06:35 · answer #4 · answered by Ursa 2 · 0⤊ 1⤋
If you were entitled to a refund, you will not receive the refund until you file. File as soon as possible to get your refund. There is no penalty (other than the refund being delayed) for late filing of a return by a person entitled to a refund.
If you would have owed money had you filed, then you still owe that money, and you now owe penalties and/or interest. File as soon as possible to minimize the penalties and/or interest.
2007-10-17 09:07:59 · answer #5 · answered by StephenWeinstein 7 · 0⤊ 1⤋
If you owe money, you will probably have late fees (I would guess at the rate of 10 to 12 percent each year on the amount you owe). If you are due a refund, you will probably still get it back, just not as much. I would recommend you get your papers and file them ~ ~ ~ check with your local library as many usually know people that will help you for free with your filing. Good luck - - and do not put it off any longer!
2007-10-17 05:04:52 · answer #6 · answered by Hammer 4 · 1⤊ 1⤋
The minute you SIGN a tax form you are signing into agreement that you owe the money. Any personal tax in America is illegal. If you dont believe me, do a Google video search on "America: Freedom to Fascism" or go directly to the movie here:
http://video.google.com/videoplay?docid=-1656880303867390173
2007-10-17 05:16:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Depends. If they owe you, you simply file and get your tax refund. If you owe them, you simply file your return, pay your tax and get a bill for a penalty + interest. It really is that simple. Get'R Done!
2007-10-17 05:07:12 · answer #8 · answered by Anonymous · 1⤊ 0⤋
It really depends if you owe them money. I missed out a few years ago and to my surprise, I owed. I'm paying them now by way of them just keeping my tax returns. Probably not the way to do it, but then again, I don't owe very much.
2007-10-17 05:05:53 · answer #9 · answered by Madrider 4 · 0⤊ 1⤋
oh you still need to file, don't "not" do it cuz your late. a late fee is charged but not paying at all could be worse
2007-10-17 05:05:54 · answer #10 · answered by lovemy.coffee52251 2 · 0⤊ 1⤋