The deadline for 2007 taxes was on April 15th of 2008; if you failed to do so, then you would have to file now to lessen the penalties and interest incurred. You may have a refund collectible still, which means there are no penalties and interests involved. This is because interests can only put above a tax debt so if you have 2007 taxes refundable to you, then you can still collect them. However, if you owe taxes, you need to know how much the IRS will be charging you.
Failure to file penalty is 5% of your tax debt for each month you failed to file your tax return. There is a maximum penalty that can be charged and that is 25% of what you owe the IRS. Failure to pay in the meantime is calculated at 0.5% of your tax debt in every month that you failed to file. Interest would be accumulated as well on the tax that you owe. If you the think about it, that would be three times what you actually owe the IRS - all of which you need to pay very soon or else the fees just keep getting bigger.

The best way to make sure that your late tax return is handled properly is f you personally see to it that they are. You have to file for your late tax return on paper and it would be wise to hand deliver all of the documents. You should also keep a copy of all the documents for your own files just in case there is a need to furnish copies again.

Author: Robert Johnson

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Article source: Free Taxes Articles.