2005 feels like ancient history at this point. But if you still haven’t filed a 2005 tax return, that year could be keeping you up at night. Never fear. On PriorTax taking care of late taxes couldn’t be easier. Most people are pleasantly surprised to find the process not as much of a nightmare as they feared. Create an account today to see for yourself.
Unfortunately you can no longer get a refund from 2005. The IRS statute of limitations only allows you to claim a refund for three years after the original due date of the return. That means the last chance to get a 2005 refund was April 15, 2009. But you may still be able to get a refund for your 2010, 2011, or 2012 taxes if you haven’t filed yet.
Even though you can’t get a refund for 2005 there are still plenty of good reasons to file. You may have to show prior tax returns in order to secure a loan for a home or car or to sign the lease on an apartment. Old tax returns are also a required part of the college financial aid process.
Not to mention, it’s the law. Even though you only have three years to collect a refund, the IRS has ten years to collect any tax due. And you won’t escape them by not filing a return. They’ll just estimate your tax liability (often for more than you actually owe) and then come after you for that amount. They have the power to force you to sell or mortgage assets or to levy your bank accounts and income in order to pay your tax debt.
If you were due a refund for 2005, you won’t have to pay any penalties or interest for filing late. Forfeiting your refund is already considered penalty enough.
If you owe money for 2005, unfortunately you will have to pay penalties and interest. You may be liable for a failure-to-file penalty, a failure-to-pay penalty, and/or interest. These penalties grow bigger with every day that your tax return goes unfiled or your liability unpaid. The only way to minimize them is to file as soon as possible.
To get started on your 2005 return just create an account and then follow the instructions. The PriorTax application will guide you through your return by gathering all of the necessary information. At the end of the process it will automatically fill out your tax return and any other forms or schedules you have to file.
Unfortunately, the IRS does not allow you to e-file prior year returns. When we are done preparing your return, you will have to download it, print it out, sign it, and mail it to the IRS.
When the process is this easy there’s really no excuse. Get started today and get 2005 taxes off your mind.
