What if I didnâ€™t file taxes last year, or forgot to file taxes, should I file a late tax return?
It depends. You should first determine if you were required to file a return. If your income was under certain levels, you’re not required to file. See the filing requirement in Publication 501 under “Who must file.” If you do have a filing requirement, then you should:
- File your last year’s federal and state returns on last year’s forms.
- Pay any balance due as soon as possible to avoid additional penalties and interest.
Learn more about IRS Form 1040 and the new instructions for the six Form 1040 schedules with the tax experts at H&R Block.
The IRS negligence penalty is 20% of the amount you underpaid your tax. Learn about your options to address it from the tax experts at H&R Block.
Learn about the IRS penalty for substantial understatement of tax. Read the IRS definition and get more insight from the experts at H&R Block.
Do you need to file for an S-corporation extension? Learn more from the tax experts at H&R Block.