Skip to content

What Happens If You Haven’t Filed Your Taxes

by John on November 17th, 2014

If you haven’t filed your personal taxes yet, please give us a call right away at (770) 419-3399. If you would get a refund from the IRS, you have by 3 years from the due date to file or they will keep your refund. For example, for tax year 2013, the due date was April 15th, 2014. So to claim your refund, you would have to file by April 15th, 2016, or with an extension, by Oct 15th, 2016. If you would owe money to the IRS, the penalty is 5% per month on the tax owed for the first 5 months (4.5% for filing late and .5% for paying late). After 5 months, the filing late penalty stops, but the paying late penalty continues. The total paying late penalties could reach as much as 25% of the taxes owed. If you owe for several years, it’s better to pay the later years first because it’s more likely that the penalties for the earlier years are maxed out even though the money owed is still accruing interest. Paying off later years will stop the penalties that may still be accruing.

The IRS will send you several letters asking you to file and pay. If you still don’t file and pay they could levy your bank account or garnish your wages unless you can prove you are in hardship. To prove hardship, you would have to send them documentation showing that paying what they ask you to pay would keep you from paying your rent, buying food, buying necessary medicine, or otherwise impede your ability to live.

If you file an extension but aren’t able to pay in full right away, you will still incur the 0.5% penalty for paying late. An extension only gives you more time to file, not more time to pay. It only prevents the 4.5% penalty for filing late.

If you file your taxes but aren’t able to pay in full right away, you will still incur the 0.5% penalty for paying late unless you call the IRS. You can call the IRS and get a 4 month grace period for paying through their automated system as long as you are in good standing with them. Or you can call them and setup an installment plan where you pay an agreed upon amount per month. This will reduce your late payment penalty to 0.25% per month.

From → IRS Trouble

  1. I love your blog.. very nice colors & theme. Did you make this website yourself or did
    you hire someone to do it for you? Plz reply as I’m looking to create my own blog and would like to find
    out where u got this from. appreciate it

  2. Hello! I’ve been reading your blog for some time now and finally got
    the courage to go ahead and give you a shout
    out from New Caney Tx! Just wanted to say keep up the great job!

  3. Your method of telling everything in this piece of writing is really good, every one be capable of easily know it, Thanks a lot.

  4. It’s going to be ending of mine day, but before finish I am reading this wonderful piece of writing
    to improve my know-how.

  5. Simply want to say your article is as astounding. The clearness to your publish is just nice and that i can assume you’re an expert in this subject.
    Well with your permission allow me to grasp your RSS feed to stay up to date with approaching post.
    Thanks one million and please keep up the gratifying work.

  6. Thanks for sharing your thoughts on irs letter. Regards

  7. You ought to be a part of a contest for one of the greatest websites
    on the net. I am going to recommend this web site!

  8. Hi there! I understand this is somewhat off-topic
    but I needed to ask. Does running a well-established blog such as yours require a lot of work?
    I’m completely new to writing a blog but I do
    write in my journal everyday. I’d like to start a blog so I can easily share my personal experience
    and thoughts online. Please let me know if you have any ideas or tips for new aspiring bloggers.

    Appreciate it!

  9. I just like the valuable info you supply to your articles.
    I will bookmark your blog and test once more here regularly.
    I’m fairly certain I’ll be informed lots of new stuff proper right here!
    Good luck for the following!

  10. What’s Happening i’m new to this, I stumbled upon this I have found It absolutely helpful and it
    has aided me out loads. I hope to give a contribution & aid different
    customers like its aided me. Great job.

  11. I think this is one of the most important info for me. And i am glad reading your article.
    But should remark on some general things, The website style is perfect, the
    articles is really excellent : D. Good job, cheers

  12. Thank you for sharing your thoughts. I really appreciate your efforts and I am waiting for your further write ups thanks once again.

  13. Hmm is anyone else having problems with the images on this blog loading?
    I’m trying to figure out if its a problem on my end or if it’s the blog.
    Any feed-back would be greatly appreciated.

  14. This iss a topic which is near to my heart… Thank you!
    Where are your contact details though?

  15. Heya i’m for the primary time here. I found this board and I to find It really helpful
    & it helped me out much. I hope to give one thing back and aid others such as you aided me.

  16. After I originally left a comment I seem to have clicked on the -Notify me when new comments are added- checkbox and from now on whenever a comment is added I recieve 4 emails with the same comment.

    Perhaps there is a way you are able to remove me from that service?

  17. Your mode of describing everything in this piece of writing is genuinely
    pleasant, every one be capable of simply know it, Thanks a lot.

  18. Thanks for your marvelous posting! I truly enjoyed reading it,
    you may be a great author. I will make sure to bookmark your blog and definitely will come back from now on. I want
    to encourage continue your great writing, have a nice

  19. Very nice post. I just stumbled upon your weblog and
    wanted to say that I’ve truly enjoyed browsing
    your blog posts. After all I will be subscribing to your rss feed and
    I hope you write again very soon!

  20. Hello there! This is my first visit to your blog! We are a team of volunteers and starting a
    new initiative in a community in the same niche. Your blog provided
    us useful information to work on. You have
    done a wonderful job!

  21. It’s enormous that you are getting thoughts from this paragraph as well as from our argument made here.

  22. My spouse and I stumbled over here by a different website and thought I might check things out.
    I like what I see so now i’m following you. Look forward to looking over your web page
    yet again.

  23. Good day! I know this is kind of off topic but I
    was wondering which blog platform are you using for this
    website? I’m getting fed up of WordPress because I’ve had problems with hackers and
    I’m looking at options for another platform.
    I would be fantastic if you could point me in the direction of
    a good platform.

  24. Hey! Quick question that’s totally off topic.
    Do you know how to make your site mobile friendly?
    My blog looks weird when viewing from my iphone
    4. I’m trying to find a template or plugin that might
    be able to fix this problem. If you have any recommendations, please share.
    Thank you!

  25. Every weekend i used to visit this web page, for the reason that
    i wish for enjoyment, since this this website conations in fact fastidious funny material too.

  26. Woah! I’m really enjoying the template/theme of this website.
    It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between user friendliness
    and visual appearance. I must say you’ve done a superb job with this.
    Additionally, the blog loads super quick for me on Firefox.
    Exceptional Blog!

Leave a Reply

Note: XHTML is allowed. Your email address will never be published.

Subscribe to this comment feed via RSS