What Will Happen if You File Your Taxes Late?
Why do you ask? If you file your taxes late, what will happen?
Just do it already. Reset your view on taxes if you think not filing a return is the best course of action for you.
Well, I’d love to keep it pithy and say, “You don’t want to know,” but you might care to learn what happens if you file your taxes late, regardless.
Why else would you be here with this question in mind?
The reality is, filing taxes late can have serious consequences,
and what happens if you file taxes late largely depends on whether or not you owe the IRS money.
What is a Tax Return?
A tax return is an annual report that assembles and reports tax payments, tax deductions, credits, and income received for money earned during the prior calendar year.
Preparing your tax return can range from incredibly simple with a Form 1040 only listing your income, standard deduction, and pertinent personal information,
to extremely complicated with the need for hiring a tax professional.
Do I Need to File a Return?
Despite the scare tactics employed, you might not even need to file a tax return to begin with.
That’s right. The IRS may not require you to file an individual tax return, depending on three specific criteria you must meet (usually):
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