You'll get nasty letters from the IRS, imposing the tax, penalty and interest and probably be subject to further review and audit. Remember, whoever sent you a W2 sent one to the IRS computers too.
You will have to pay a fine. And pay all the money back that you owe.
They can but would not benifit them. They would owe tax.
They say that I am in contract to pay for everything. They have my credit card and that's it. What can happen if the credit card on file is invalid?
If you do not file your income taxes, you will owe the IRS 47.5% interest. For late filing, you will owe them 22.5% of the total and 25% if you don't file altogether.
As far as federal taxes owed for earning a wage in the United States; anyone who has made over $8000.00 on a tax year has to file a tax return an in most cases will owe taxes to the government.Earning wages will cause you to owe taxes.
You will have to pay a fine. And pay all the money back that you owe.
They can but would not benifit them. They would owe tax.
They say that I am in contract to pay for everything. They have my credit card and that's it. What can happen if the credit card on file is invalid?
yes
If you do not file your income taxes, you will owe the IRS 47.5% interest. For late filing, you will owe them 22.5% of the total and 25% if you don't file altogether.
There is no time limit if you owe. Until you actually file a return, the statute of limitations time limit does not start running. They could theoretically pursue you forever. When you owe money, you should always file on time, even if you can't pay. The penalty for not filing on time is TEN times what you would pay if you filed on time but didn't pay.
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
If the car is being repoed then you owe something.
It depends on how overdue you are on your payments and how much money you owe.
As far as federal taxes owed for earning a wage in the United States; anyone who has made over $8000.00 on a tax year has to file a tax return an in most cases will owe taxes to the government.Earning wages will cause you to owe taxes.
It's never too late to file.Just go ahead and do it now and don't worry about it. Interest and penalties if you owe anything just keep adding up for every day that you put off doing it. Getting them filed now will stop any more interest and penalties.The following I've added from my blog, www.taxreliefsolutions.comIf you forgot to file your return this past year and you know that you're going to owe money to the IRS, it is in your best interest to file as soon as possible to avoid failure-to-file penalties. The IRS may file the return for you, which will never be in your favor. This is called an SFR- Substitute for Return. If you don't pay what you owe, keep in mind that on top of interest charged, you'll also have to pay failure-to-pay penalties, which can very quickly add hundreds or even thousands on top of what you owe.Of course you may be in a situation where it is not necessary to file a return. The questions in my blog post at the link below, which come directly from the IRS website, will help you determine if you need to file a Federal Income Tax return.Keep in mind that in many cases you may be eligible for a refund, so though it is not required that you file, it is in your best interest so that you can receive the refund.Here is the link to see more detailed information...http://taxreliefsolutions.blogspot.com/2009/06/did-you-forget-to-file-your-taxes.html
No, you don't need to file an extension if you don't owe the IRS any money. You only need to file an extension if you need more time to pay. The current law is you have three years to file for a refund and after that you forfeit it to the IRS. The IRS does not charge penalties to people that are owed refunds even if they are filing after due date (usually April 15). Just make sure you file within the 3 years. But if you owe money, even if you file an extension, if you do NOT pay by April 15, then you will owe interest and penalties on the money you owe. The extension is form 4868 and can be filed online through IRS.gov e-file, or by mailing in the form. The extension is NOT an extension for time to PAY, it is just an extension for time to file. Even if you are owed a refund, the IRS says that you are "required" to file if you made over the standard deduction. But in all reality, if they owe you money, they don't want to see you get it. If they owe you money, they don't care when or if you file, but they do like to keep tabs on you. There will be no penalties.