What happens if you file your 2007 tax return after 15APR08?

If you owe money, you have to pay what you owe, plus stiff penalties.

If you can't file by April 15, it's best to file for a six month extension using Form 4868. This is an extension to file, not an extension to pay. See the IRS document below for additional information.

If you owe anything, you'll pay interest and penalties. If you have a refund coming, there is no penalty or late fee.

If you owe, you'll owe penalties for late filing, plus penalties and interest for late payment of tax.

If you do not owe or are due a refund, there are no penalties for late filing.

The key is whether you paid by April 15th. The gov't doesn't really care whether you file by that date.

If you suspect you owe, submit an extension form, and send in a check. You can then file later and avoid penalties.

If you do not think you will owe, don't worry about it. I've filed 2 years late before when I knew they owed me money. The IRS cheerfully refunded all of my overpaid taxes when I eventually filed.

check IRS website at www.irs.gov
What kind of penalties and interest will I be charged for paying and filing my taxes late?

Interest, compounded daily, is charged on any unpaid tax from the due date of the return until the date of payment. The interest rate is the federal short-term rate plus 3 percent. That rate is determined every three months.

For current interest rates, go to News Releases and Fact Sheets and find the most recent Internal Revenue release entitled Quarterly Interest Rates.

In addition, if you filed on time but didn't pay on time, you'll generally have to pay a late payment penalty of one-half of one percent of the tax (0.5%) owed for each month, or part of a month, that the tax remains unpaid after the due date, not exceeding 25 percent. However, you will not have to pay the penalty if you can show reasonable cause for the failure. The one-half of one percent rate increases to one percent if the tax remains unpaid after several bills have been sent to you and the IRS issues a notice of intent to levy.

Beginning January 1, 2000, if you filed a timely return and are paying your tax pursuant to an installment agreement, the penalty is one-quarter of one percent for each month, or part of a month, that the installment agreement is in effect.

If you did not file on time and owe tax, you may owe an additional penalty for failure to file unless you can show reasonable cause. The combined penalty is 5 percent (4.5% late filing, 0.5% late payment) for each month, or part of a month, that your return was late, up to 25%. The late filing penalty applies to the net amount due, which is the tax shown on your return and any additional tax found to be due, as reduced by any credits for withholding and estimated tax and any timely payments made with the return. After five months, if you still have not paid, the 0.5% failure-to-pay penalty continues to run, up to 25%, until the tax is paid. Thus, the total penalty for failure to file and pay can be 47.5% (22.5% late filing, 25% late payment) of the tax owed. Also, if your return was over 60 days late, the minimum failure-to-file penalty is the smaller of $100 or 100% of the tax required to be shown on the return.

Also, refer to Tax Topic 653, IRS Notices and Bills and Penalty and Interest Charges.

They'll tack on a ridiculous penalty fee with interest. Each year you ignore it, the interest will grow at an insane rate. I don't know what the numbers are, but let's say the initial fee is $50. After several years, they'll have some stupid way to justify your owing a couple hundred (if not thousands) of dollars. Eventually, they'll be able to garnish wages, or just take it from any tax refunds you may be getting back some year. Its essentially legalized robbery, but you'd better do what you gotta do. Sorry.

you get charged late fees,penalties and interest if you owe them money.if you are due a refund,you are charged a late fee and the balance is sent to you.

you are charged a late penalty

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