Do you HAVE to file your taxes every year?

[sillymofo]

If you know you don't owe teh IRS money, do you?

 

[Saulbadguy]

You have to prove somehow you don't owe them money.

 

[Orsorum]

Originally posted by: cr4zymofo
If you know you don't owe teh IRS money, do you?

No. I didn't file last year, because my wages for the year were below the cutoff. I would imagine you would have to be able to corroborate this with a W2 or a lack thereof.

 

[FoBoT]

you are requried to file if you have a minimum level of income

the penalty for not filing however, is a percentage of what you owe, so if your withholding was great enough so that they owe you (refund) and you don't have to pay (beyond your withholding) , they won't actually go after you, since they have more than the tax you owe.
and in those cases, since your penalty is X% of $0 , if you later decide to file your past year's returns, you are still likely to get a refund

 

[Nuriko]

Yes, you are required to file if you have over a minimum amount of income. But a few CPAs have told me that if you have been filing and for some reason you didn't have any income this year that you should file anyways, if not, and then you file one the year after it sends up red flag at the irs.

 

[Hammer]

just file, its not going to hurt anything.

 

[dquan97]

I actually didn't file for 1 yr in college and had the IRS wondering why I didn't file a return after doing about $300K in stock trades. I had to file a return showing a loss, which they accepted and didn't bother with me anymore.

 

[Ranger X]

I hope to get back plenty this year.

 

[rh71]

Someone remind me what our taxes pay for again ?

 

[JustAnAverageGuy]

Originally posted by: rh71
Someone remind me what our taxes pay for again ?

Foreign aid of countries half way aroundthe world

 

[SaltBoy]

Ummm... no cr4zymofo, no you don't. Don't file your taxes this year. Please.

 

[kt]

Originally posted by: rh71
Someone remind me what our taxes pay for again ?

Just let it go, man. Just let it go.

 

[Regs]

If you win the lotto, they may disqualify you for the winnings. Even if you owe the gov't a single cent.


I know, a real nail biter.

 

[sillymofo]

Originally posted by: SaltBoy
Ummm... no cr4zymofo, no you don't. Don't file your taxes this year. Please.

Will you stfu already.

 

[Ryan]

Nobody has to file taxes, you'll just go to jail for not doing it. That's it.

 

[y2kc]

If you owe no taxes you don't have to file immediately. The IRS will calculate your taxes (sans deductions) and send you the bill eventually at which time you either have to pay or prove that you don't owe them.

 

Originally posted by: FoBoT
you are requried to file if you have a minimum level of income

the penalty for not filing however, is a percentage of what you owe, so if your withholding was great enough so that they owe you (refund) and you don't have to pay (beyond your withholding) , they won't actually go after you, since they have more than the tax you owe.
and in those cases, since your penalty is X% of $0 , if you later decide to file your past year's returns, you are still likely to get a refund

yup, i did my 99 taxes with my 2001 taxes
and did my 00 taxes with my 2002 taxes...but never sent in the 00s
they've been sitting in my drawer at work for a year...maybe i'll send them in this year.....

 

[mugs]

Originally posted by: dquan97
I actually didn't file for 1 yr in college and had the IRS wondering why I didn't file a return after doing about $300K in stock trades. I had to file a return showing a loss, which they accepted and didn't bother with me anymore.

You must have had one heck of a summer job...