I did not do my taxes or file an extension. What will happen and what are the consequences?

I am really scared because we did not do out taxes because we did not have the money to pay them. What will happen to us?

I did not do my taxes or file an extension. What will happen and what are the consequences?home theater system

peachygurl86 has a good answer. File as soon as possible. If you owe money, the penalty for not filing is 5% per month, plus 0.5% for not paying, PLUS the interest comounded DAILY. If you file, you only pay the non-payment penalty of 0.5% plus the interest. The person who advised you not to worry about it because IRS is slow to catch up was LUCKY. If IRS thinks you owe them, they can lien your property, levy bank accounts and garnish wages. On top of that, if it happens you are entitled to a refund, the statute of limitations will prevent you from collecting it if your return is filed more than two years late. It's far better to come clean and work with them, than to wait for them to come to you.

I did not do my taxes or file an extension. What will happen and what are the consequences?the grand theater opera theaterYes but there's no law stating you HAVE to pay taxes. People for years have not been paying taxes. Report It

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I did not do my taxes or file an extension. What will happen and what are the consequences?

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