Question

I have not filed a tax return for the past five years. I’m not worried about it because I know that tax penalties are assessed based on the dollar amount owed. Since I owe nothing, I face no penalties. Do you have any thoughts on this? (J.D., Boulder, Colo.)

Answer

Yes, we have thoughts. Thanks for helping with the deficit. Unknowingly, you have made some cash gifts to the government.

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