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| Americans – What if I haven’t filed my 2004 return yet The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund. There are several reasons taxpayers don’t file their taxes. Perhaps you didn’t know you were required to file. Maybe, you just kept putting it off and simply forgot. Whatever the reason, it’s best to file your return as soon as possible. Here are some things to consider: · Failure to File penalty. If you owe taxes, a delay in filing may result in a "failure to file" penalty, also known as the “late filing” penalty, and interest charges. The longer you delay, the larger these charges grow. · Losing your Refund. There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether. The deadline for claiming refunds is three years after the return due date. · Other Penalties. The IRS can assess some penalties for not filing certain forms on time. The penalties can be as high as $10,000 per form. Whether or not you must file a tax return will depend upon a number of factors, including your filing status, age, and gross income.
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