(FinancialHealth.net)- Smart Quiz: Is There a Fee for Filing My IRS Tax Return Late If I Don’t Owe Any Taxes?
- Don’t File
The two certainties in life are death and taxes, and we all strive to make each as painless as possible. But, life doesn’t always go according to plan, and sometimes, missing the tax deadline seems to be inevitable.
So what happens if you are late filing your tax return but don’t actually owe any back taxes? The good news is you won’t be penalized or charged a fee. Here’s what you should do if you’ve filed late but know you don’t owe taxes to the IRS.
What if the tax deadline has come and gone and you’ve realized that you’ve made a mistake? Simply file your return as soon as possible. Fees and late penalties are based on what you owe, so you won’t owe anything and you’ll avoid any future issues associated with not filing at all.
What if you owe back taxes for years prior but not for this year? Odds are, you’ve already made a payment arrangement for your past due balance. If not, you need to contact the IRS as soon as possible. Ignoring back taxes will only result in accrued late fees, penalties, and interest.
You won’t owe a fee to the IRS for filing taxes late if you don’t owe, but you may be charged a service fee if you use a third-party vendor to file your tax return. Do your best to file your taxes and report your income on time, whether you owe taxes or not. Doing so will prevent tax and IRS headaches in the future.
~Here’s to Your Financial Health!