Whoops! I filed my 2005 tax return in January 2007. Since I did not owe any money, I understand that I suffer no penalties. Is this true? (J.C., Midland, TX)
By filing late, you substantially increased your chances of suffering. True, you may not owe penalties for late filing or late payment because you do not owe money, but you have moved toward the front of the line for an IRS audit.
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