QUESTION DETAIL
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Is it too late to file my taxes for 2007?
ANSWER
Expert Michael Lim's Answer:
No. If you feel that you may owe taxes, it is important that you file. The IRS will most certainly send you notices for non-filing if you earned any income that year. In order to minimize any late filing or underpayment penalties as soon as possible.
Some states, such as California, will prepare a return for you based on the income they have reported to you. This is usually prepared in the least advantageous way for you. In order to combat this, you must file your own return.
In the event that you might be owed a refund, it is especially important, because the statute of limitations for claiming a refund expires 3 years after the filing date of the original return. In this case, the statute would expire April 15, 2011.
After this period, you would not be entitled to any refund, even if you filed and were originally due a refund.
