2007-11-26 10:58:49 · 4 answers · asked by ls84 1 in Business & Finance ➔ Taxes ➔ United States
If you have a refund coming, there is no penalty charged, and if you file within 3 years of the original due date, you'll still get your refund, otherwise you forfeit it if you're later than 3 yrs.
If you owe, you'll pay interest, and penalties for non-payment and penalties for late filing.
2007-11-26 11:09:53 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
It depends on whether you are expecting a refund or to have to pay. If you are expecting a refund, then there are no penalties. If you are expecting to have to pay, then there are penalties and interest, which keep growing every day you wait.
Your best option is to get the forms and file your returns as soon as possible, preferably today.
2007-11-26 11:06:01 · answer #2 · answered by r2mm 4 · 1⤊ 0⤋
If one has a tax liability and files late, beyond April 15, penalties and interest apply. Interest on a daily basis.
If zero tax liabilty, zero penalties.
2007-11-26 11:07:36 · answer #3 · answered by ed 7 · 1⤊ 0⤋
If you owe additional money to the IRS, then you face interest and penalty charges. If they owe you, there usually is no penalty - but you have just given them an interest free loan.
2007-11-26 11:06:23 · answer #4 · answered by Angie 6 · 0⤊ 0⤋