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If you don't file your taxes the IRS will do this for you. But they impose huge penalties for the service.
by quellhorst 17y ago
If you don't file your taxes the IRS will do this for you. But they impose huge penalties for the service.
- SwellJoe 17y agoMy understanding is that they don't impose additional penalties, actually. They just don't include a lot of deductions, and so the bill comes out higher. To fix it, you then have to file addendum paperwork, which is more time-consuming than the initial tax filing. Edit: There will be late filing penalties, however, because they don't file one for you, unless you fail to file for a long period of time. And, those can add up to large additional fees.
- quellhorst 17y agoThey do use the standard deduction. They charge a failure to file penalty plus interest fees. You could still come out ahead if they don't know about some income.