Better Late Than Never?

April 13, 2006 9:36 AM

I haven't filed last year's taxes yet because I'd been told Uncle Sam didn't mind you filing late, if he owed you (I'm due a tax return, rather than owing taxes). Now, I want to file an extension on this year's taxes, without having sent in last year's. Will doing this trigger the IRS to send thugs to my house?

Yes, both state and federal. Last year I worked as an employee, and this year I worked as a contractor (on 1099s). I did not make quarterly tax payments. I can pay my estimated tax when I file for the extension. I'd like to do both tax returns at the same time sometime in May. I hope to check with a professional before Monday but thought I'd start here.

posted by anonymous to Work & Money (5 answers total)

I was in the same boat last year and didn't have a problem except I got a return for both years.
posted by nimsey lou at 10:06 AM on April 13, 2006

It will take them awhile to get their thugs in order. If you file in May, you should be fine.
posted by blackkar at 10:06 AM on April 13, 2006

Should you procrastinate your taxes even further? No.

Just suck it up and do them, anonymous. You'll have to do them eventually, and it's not going to get any easier. Plus it's better you have your money than the gov't have the money, and it's better not to have it hanging over your head.

CAN you procrastinate your taxes even further without dire consequences? Probably.
posted by aubilenon at 10:26 AM on April 13, 2006

You have 3 years to get money back. The serious penalties are for owing and not filing; there may be a slight penalty for filing really late. File the extension, then get both years done. It's really, really worth it. You'll feel so much better, and you'll have the cash.
posted by theora55 at 5:31 AM on April 14, 2006

Aforgot to add: I am NOT a tax expert, I am a procrastination expert.
posted by theora55 at 5:31 AM on April 14, 2006