Taxpayers neglect to file returns for countless reasons. If you’re one of them, here’s what you need to know.
Believe it or not, there are individuals who don’t file tax returns even though they’re owed a refund. (They do have three years to claim it.) It’s more likely the opposite, though: Some people don’t send in their 1040s because they’ve determined that they owe money and they simply can’t pay. Or there was an illness or other misfortune in the family. Or they lost the forms that came in the mail and didn’t get them replaced in time to file on April 15.
That mid-April deadline, though, is firm. The IRS expects everyone to at least fill out the forms and make an effort to pay, whether you’re a day or a month or a year late. Here are some examples of what can happen if you don’t:
You’ll of course be assessed interest charges and late payment penalties. [MORE] . . .