Tax Return Advise | FerrariChat

Tax Return Advise

Discussion in 'Other Off Topic Forum' started by JamesH, Oct 9, 2004.

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  1. JamesH

    JamesH Formula Junior

    May 11, 2001
    268
    San Carlos, Californ
    Full Name:
    James Hom
    So, when is the latest one can file their 2003 tax return?
    Did not get the last extension, so what will the penalties be?
    I always get a refund, so will there be any penalties?
     
  2. Jdubbya

    Jdubbya The $10 Trillion Man
    Silver Subscribed

    Dec 28, 2003
    37,253
    PNW
    Full Name:
    John
    I'm no expert but I have a gentleman who works for me who doesn't file for two or three years and then when he needs some money he goes and files a couple years to collect his refunds. He claims there is no penalty as long as you KNOW you are getting a refund.

    Of course he could be wrong and just lucky too??
     
  3. LetsJet

    LetsJet F1 Veteran
    Owner

    May 24, 2004
    9,334
    DC/LA/Paris/Haleiwa
    Full Name:
    Mr.
    If you make over (I think) $500.00 you need to file before April 15th. You can file an extention and file by Aug. 15th, but pay any taxes owed by April 15th to avoid a penalty. If you don't owe any taxes I don't think you will have a real problem except the IRS at some point will request an audit. Further, they can create their own return and guess how much you owe. Then they will take it out of your bank accounts themselves. The banks are required to turn it over. So, if they deturmine you owe, for example, $8000 they will just take it adding penalties and interest. They can also freeze your accounts.

    If you haven't already filed, I suggest you do so. Even if your late. Not filing will just make it later. If you are concerned, hire an accountant to assist you. They can work with the IRS on your behalf.
     
  4. Kenny94945

    Kenny94945 Karting

    Nov 1, 2003
    201
    Marin Calif
    Oct 15 is the last official 2003 filing date (implying you file the two extensions). That is a fact.

    Other items:

    The penalties consist of a late filing fee...not sure if you'll be charged and it calculated on the number of days late.

    Interest penalty would not apply in your refund case, you may even get paid interest from IRS.

    Statute of limitations (for audit) are typically three years from date of filing or seven if they think fraud is involed.

    If you do not file...there is no limitation and it could haunt you forever.
     
  5. Mike360

    Mike360 F1 Rookie

    Feb 18, 2004
    3,429
    Sydney, Australia
    Full Name:
    Mike
    Thats basically the case here in Australia. I just finshed an a clients work last week, and he had 18 years of returns for lodgement....
     

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