If I didn't file my taxes last year, what do I need to do?
File a return.I'm assuming that you'll owe taxes when you do file and I'm also assuming this is for an individual return, not a business. What most people don't understand is there are two penalties: a failure-to-file and a failure-to-pay penalty. The former is the more severe of the two. The Failure-to-file penalty is 5% of the tax balance per month (or part of a month) that the return goes unfiled. The failure-to-pay is 0.5% of the unpaid tax balance per month (or part of a month) that the return goes unpaid. The minimum penalty is increased to 100% of the tax balance or $135 (whichever is smaller) if the return goes unfiled for 60 days, so file before mid-June if possible. With all of that said, I'll add that due to how to penalties are assessed, you should always file a return (or at least an extension) even if you can't pay the balance due. Also, if you owe and can't pay the balance, you can request an installment agreement. if the balance is under 25,000 and you can pay it within 5 years, they'll automatically accept the request. Please note however that there are fees for the application (reduced if you sign up for direct debit) and you continue to incur interest (I think currently 3%) while you still have a balance. You can request the installment agreement when you file your return.As a tax professional, I never file my return by the due date. I always file an extension, but I ensure I'm fully paid in (at least enough to not incur a penalty-- 90% of the tax balance) with the extension or through estimated payments. So not filing a return by the first due date isn't always a bad thing, just ensure you do it correctly.Good luck to you!
What if I didnt file my taxes this year?
Get a hold of your W-2's and any other information you might need (for instance, do your parents hold any bank or innvestment accounts in your name? Do you pay college tuition out of your own funds or through loans? Do you have any children? Get their Social Security Cards along with your own). Once you've gathered the information, go to a CPA. A local small practice will do just fine. Do it now before we get insanely busy. Now comes the good news, hopefully. If you owe nothing, you will not be penalized. If all you have is a job and you filled in your W-4 correctly, that is a likely scenario. So get yourself to an appointment ASAP and sort out 2005 before 2006 hits. Without knowing your status and personal financial situation, it is hard to give more specific advice. all I can say is that it is better to do it sooner rather than later. If you do owe, penalties and interest have been running for several months. they are charged on a monthly basis so it would be best to sort this out before the start of next month. Edit: Bruce G is wrong with the timeline. It is three years from the filing date (so you have until April 15th 2007 to file a 2003 return and get a refund. After that it is out of time) However, as you are going to file very soon, I'm sure, the poiunt is academic!
I owe the IRS $500 from last year and I didn't file much do I owe them?
Like others stated, this question does not make sense as written. I'm assuming you mean that you did last year's return, found that you would owe $500, and then didn't file it. If so, then you owe nothing right now since you did not file. BUT....... Since you did not file, the IRS can do their own return for you (a SFR - Substitute For Return) and they won't include the expenses and tax benefits that you would probably have claimed. That means that your tax bill would be more than $500, and to that they will add the penalties for not filing and for not paying (in the neighborhood of 25% of the tax they show) and then interest charges of about 4% per annum. The interest is accruing everyday. SO, you can ignore this, not file, and hope they don't figure it out (you didn't get a W2 or 1099 did you, because they got it too!) - and pay much more if they do, OR file now, pay the balance ASAP and try to limit your liability as much as you can at this point. Good luck.
Didn't file taxes for 3 years, now IRS won't provide refund?
Ok, not surprised, but what is the general procedure for fixing this? I lived off of savings to take time to work on a personal project. So, I just didn't file for nearly 3 years. Now I filed for 2018 but the IRS says my AGI stated for 2017 doesn't match their records.
If I didn't file my tax return last year or the year before....?
It may take the IRS several years to come after you, but they eventually will get around to it. If you wait until then, you'll not only have to pay a fine, but you'll be stuck paying what THEY think you owe for that year (always higher than what YOU think you owe). And they'll garnish your wages, if necessary, to get your back taxes. You need to do your best to reconstruct the missing tax info. Contact your employer(s) for that year to request duplicate W2s. Also contact any other income sources for that year (banks, mutual funds, tax refunds from the previous year, etc.). If this is impossible, the IRS itself can provide you with the information that was reported to them. Hire an accountant if you're dealing with multiple years of back taxes, multi-state back taxes or a complex filing (lots of attached schedules). The task may seem daunting, but the payoff is not having the whole issue hanging over your head any longer. And you might even end up with a refund. (Refunds on taxes past due by three years or more don't have to be paid to you, so there's another reason to do it now.)
I am 27 years old and have never filed an income tax return. I want to resolve this. What do I do?
you can go back three year, and.....yes, H&R Block can do that for you. just bring all your paperwork and they will take care of it. they may not be able to file electronically for the previous years but that does not matter. no need to speak to your attorney as they are professionals and know what to do. oh, by the way, H&R Block ARE EXPERTS! no offense to the IRS, but they are more knowledgeable than many in the IRS office! when you go to one of their satellites, ask to see someone who has been there at least 3 years....ask for the supervisor if you need to!