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Short answer: it depends.
There is a penalty for failing to file based on the amount of tax you have underpaid. If your return shows no tax due (for example, if it shows $1,000 tax due and you have withholding of $1,000) then no penalty will be assessed. The minimum penalty is the lesser of $135 or the underpayment.
There are penalties for failing to file when tax is owing as well as penalties for failing to pay and those penalties, along with interest, can add up quite quickly. Conversely, if you have a refund or tax credit due you would be short-changing yourself by not filing as soon as possible.
There are several convenient and inexpensive options to assist you with filing - a good starting point is www.irs.gov.
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Can you file taxes for 2008 in 2010?
Yes you can but it will have to be a paper income tax return and be mailed to the correct IRS address that will be on the last page of the 1040 instruction book that you are using for the 2008 income tax return
When are taxes due?
April 15 is the usual deadline for filing personal income taxes. However, for 2010 taxes, the deadline has been extended to April 18, 2011.
Why do they take off so much taxes from someone who is single?
Because a single taxpayer under that age of 65 with no dependents is only allowed to have 9350 of income in the year 2009 and 2010 free of federal income taxes.
What is the deadline for filing taxes if you don't owe money?
As an individual taxpayer filing a 1040 federal income tax return and you do NOT have any income tax liability and OWE any income taxes on your correctly completed income tax return the final date to file would be October 15 2010.
Are income taxes being made now?
Yes at this time July 19 2010 until October 15 2010 for the 2009 tax year.
I don't owe taxes Should I fill out a Form 4868?
Any 4868 that should have been file was due to be postmarked before April 15 2010. You do have until October 15 2010 to file the 2009 1040 federal income tax return and you will NOT be charged any penalties and interest if you do NOT OWE any income taxes when you file the 2009 income tax return after April 15 2010.
What is California's tax percentage for 2010?
Personal Income Taxes Tax Rate Range: Low - 2.0%; High - 5.0%
Last day to file your taxes with IRS?
As a calendar year individual taxpayer filing a 1040 federal income tax return and you do NOT have any income tax liability or OWE any income taxes on your correctly completed income tax return the final date to file would be October 15 2010. If you have a federal income tax liability the due date for the amount owed post marked before midnight April 15 2010.
Who can you contact for more information on your income tax schedule in 2010?
The best person to contact about the income tax schedule for 2010 is either the borough that you live in, to see what kinds of taxes you will need to pay for your property, or your accountant, who most likely handles most of this anyway. You should probably think about your taxes for 2011 and 2012, though.
What percentage of tax do you have to pay on capital gain?
The federal long term capital gains rate is 15% for most people. For low income people in 2008 thru 2010, the rate is 0%. The federal rate for short term capital gains is the same as the rate on ordinary income. In addition, state income taxes may apply, which vary by state.
Do you have until midnight April 15 to file your taxes?
Post marked by the post office before midnight April 15, 2010 YES to file and pay any income taxes that may be due with the completed correctly federal income tax return.
Are 2010 unemployment benefits taxable?
Unemployment compensation has been subject to Federal Income taxes so far and there is no indication it will be different in 2010. Having said that, anything is possible.
