General chatter - Last years taxes..Help please
04-11-2007, 10:30 AM
Ok, so i have been avoiding doing this years taxes because I am afraid of what is going to happen when I tell them I have last years too..
What happened was I went to teh IRS office on the last day last year and they said if you dont have an appointment file for an extension. SO I did. I mailed it off and never heard anything and never thought about it for a while...ANyway so what is teh penalty for this..I know if it had been done on time it would have been a refund..
Anyway I REALLY need to go do my taxes today and am afraid....
04-11-2007, 10:37 AM
I suggest you consult with a tax expert. I believe you could get a free consultation with someone from HR Block or other tax companies. The sooner you do this, the better as you have less than a week.
04-11-2007, 10:38 AM
Yes I intend to go to HR Block..I am jsut afraid of what the penalties will be....
04-11-2007, 10:56 AM
Silver - The sooner you take care of it the better. The penalties will only increase the longer you wait. Also, if you talk to the IRS you can often get the penalties reduced if you show good faith. Plus, imagine how good it will feel to know where you stand instead of having all the stress of not knowing. Often times it isn't as bad as we think it is going to be.
04-11-2007, 11:03 AM
If you were due a REFUND, you penalty will not be much, if anything. Penalties that are big are usually for people who do not make their payment on time for taxes due. You will have a late filing penalty that can be deducted from your refund, but yeah, the sooner the better. But it shouldn't be a nightmare for you, esp. if you filed for the extension and were granted it.
04-11-2007, 11:12 AM
I do believe that a penalty is worse if you hit past April 15 of this year. So I would get in there. Things will be ok. Just be honest. Actually you will find your penalty might not even exist, never know, you better get going.
04-11-2007, 11:59 AM
If you are due a refund, you will NOT have a penalty. Sadly I know this from experience. It's your money after all; the government is more than happy to keep it longer. ;) You do, however, have only 3 years to file and collect your refund.
04-11-2007, 12:19 PM
I had my taxes done one year and forgot to MAIL them. I called sometime later in the year or early in the next...when I realized it....probably when I was pulling out tax stuff for the next year....and there was no penalty. I was just very honest and explained that I'm an idiot...the lady was very friendly. Apparently it happens fairly regularly. From what she told me they only look to punish those that HIDE...so just call. :) No such thing as debtors prison anymore. ;)
04-12-2007, 01:24 AM
Being due a refund for last yr. you probably won't receive any type of penalty.
Now if you owed money the penalty is steep. Trust me, I know. When I married my current DH , he and his XW hadn't filed their taxes for previous 4 yrs. (WHY, STUPIDITY?) Anyway, we ended up paying $12,000 in back taxes for this. We've been married 10 yrs. now and just thinking about it still pi@@es me off.