Yes. Most countries would impose a penalty for this.
Not paying taxes would equate to tax evasion. Tax evasion has several penalties. At best, you'd be forced to file taxes for the years that you did not. In worst cases, you would be forced to pay the taxes that you would have owed (i.e, the federal and state taxes) through your payroll checks, and could face imprisonment, depending upon the amount of time the tax evasion occurred.
Not sure there is a penalty. However, it could tie up your tax return for a while until the IRS straightens it out. May have to refile a corrected tax return.
There is no age limit for filing income taxes in the United States. The only time you do not have to file tax returns is if your income falls below the minimum amount requiring you to do so.
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
The Executor or the Administrator
Requirements to file taxes is not based on age but income. If your income is below a certain amount, you do not have to file.
Not filing your income taxes will have you facing a penalty by the IRS. According to legal zoom: "Well, you end up paying a penalty on the amount you owe at 5% per month (4.5 % for not filing and 0.5% for not paying). The total penalty for failure to file and pay can eventually add up to 47.5% (22.5% late filing, 25% late payment) of the tax owed. Interest, compounded daily, is also charged on any unpaid tax from the due date of the return until the date of payment" http://www.legalzoom.com/taxes/personal-taxes/what-are-penalties
You are not exempt from filing for Income taxes based on age. You are exempt from filing taxes based on the income you receive. If your income is over a certain amount you must file.
Not sure there is a penalty. However, it could tie up your tax return for a while until the IRS straightens it out. May have to refile a corrected tax return.
with no income what would you be filing taxes on
There is no age limit for filing income taxes in the United States. The only time you do not have to file tax returns is if your income falls below the minimum amount requiring you to do so.
If this is a normal pension distribution, income tax will apply. The rate depends on your other income and filing status. You may be taxed by your state as well. If this is a premature distribution with no exception, you will be assessed a 10% penalty, or $7,700, in addition to regular income taxes.
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
The Executor or the Administrator
It is recommended that an income tax course before filing your own taxes. Tax filing errors can be expensive and you should make sure you know what you are doing before attempting to file your own taxes.
Requirements to file taxes is not based on age but income. If your income is below a certain amount, you do not have to file.
Seniors typically do not stop filing taxes based on age alone. They must still file taxes if they meet certain income thresholds or have other specific tax filing requirements set by the IRS. It's recommended to consult with a tax professional or the IRS guidelines to determine if a senior needs to file taxes.
January 1st 2009