If I havent filed taxs for last year am I going to be in trouble with the IRS I do not owe them anything?
Answers:
No you will not be in trouble with the IRS if you don't owe them anything. Interest and Penalties only apply when you owe them. But you want to make sure that you file the tax return within 3 years of the due date if you are owed a refund. After 3 years you can't collect the refund.
No. Just make sure that when you file, the paperwork is correct in indicating that you are owed a refund or have broken even. Your return is likely to undergo much more scrutiny.
Penalties are assessed on the unpaid balance of your taxes. If you do not owe, you will not be assessed any penalties. Despite the common thinking, filing late does not expose you to more scrutiny by the IRS. Your return will be processed along with those who had a valid extension. The sooner you file the better, as this will show as a delinquent return until you do. If in the future, you apply for abatement of penalty or some other exception by the IRS, they will review your history.
No,I'm sure the IRS has no problem with collecting interest on your money.
No, if you don't owe them anything, there won't be a penalty for filing late.
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