It depends on the legislation of the country.
In the US Only.
For 1040s, any interest and penalty amounts are based on the balance due with the return. Consequently, if nothing is owed there would be no penalties or interest charged. Note that if you are due a refund, you will not receive it unless you file.
However, the statute of limitations, (that is the time the return can be reviewed and additional amounts assessed), does not start to run until the return is filed. If you don't file, years from now they may ask and require you to still prove exactly why you didn't owe anything, and if you can't (or don't), they will assess a large tax...and then a penalty and interest for lateness too. In fact, when they see it missing, they may well just start by issuing an assessment and you would then have to prove them wrong. This is not the position you want to be in.
You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is not required to file until their joint income reaches $17,500. However self-employed individuals generally must file a tax return if their net income from self employment was at least $400. Check the "individuals" section of the IRS Web site at IRS.gov or consult the instructions for form 1040, 1040A or 1040EZ for specific details that may affect your need to file a tax return with IRS this year. Even if you do not have to file, you should file to get money back if Federal Income Tax was withheld from your pay, or you qualify for a refundable credit that may give you a refund even if you do not owe any tax. Refundable credits include: * Earned Income Tax Credit. The Earned Income Tax Credit is a federal income tax credit for eligible low-income workers. The credit reduces the amount of tax an individual owes, and may be returned in the form of a refund. * Additional Child Tax Credit. This credit may be available to you if you have at least one qualifying child and you did not use the full amount of your Child Tax Credit * Health Coverage Tax Credit. Limited to certain individuals who are receiving certain Trade Adjustment Assistance, Alternative Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation. For more information about filing requirements and your eligibility to receive tax credits, visit the IRS Web site at IRS.gov. CAUTION:
Individuals who might not otherwise be required to file a 2007 tax return will need to file a return this year to receive an economic stimulus payment. For more information see IRS Fact Sheet FS 2008-16 Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans'' Benefits. Remember that for the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov.
It depends on the state.
Yes. You have to still file your return. You could be due a refund. Also, if you don't file by April 15, or file an extension, you could have to pay a penalty. It may lessen the amount you are refunded.
i dont know! (: hahahaha
we dont have an idea either. thanks wharton
Nathan rose dont knose
It really depends on your individual situation. If you dont file taxes and then you owe then you are subject to penalties and fines for filing late as well as interest on the debt that you owe. If you are entitled to a tax return and do not file nothing comes of it. You can go back for up to three year and file, but after three years that statute of limitations runs out.
though under some circumstances it should be taxed, right now it's not income.
However, if your only income is from Social Security benefits, you don't include these benefits in your gross income. If this is the only income you receive, then your gross income equals zero, and you typically don't have to file a federal income tax return.
Yes. You have to still file your return. You could be due a refund. Also, if you don't file by April 15, or file an extension, you could have to pay a penalty. It may lessen the amount you are refunded.
no, you dont die with the death penalty
The objectives in filing are, 1Efficiency 2Economy 3Simplicity
Attempted murder carries the same penalty as murder.
Dont commit a crime EVER.
jail, prison they dont have the death penalty
jail! dont get caught dude
life sentence... dont do it
Nothing, or zero just so it knows you addressed it. (Several states don't have income taxes and many people don't have to pay them even in States that do).
it might shoot back so dont do it