I have yet to file my taxes for 2006, this year has been completely busy, and totally stressful for me. I'm 21, first time doing taxes on my own and not quite sure what I need to do (I know that might sound silly but it's true). If I file before this year is up, I know I will owe, maybe around 700 or so but what is going to happen to me? I'm really nervous and am looking for some sort of relief.

If you owe, you're going to be assessed penalty and interest. I know it's unpleasant, but take care of it ASAP, because the penalty and interest will keep growing until you've paid.

If you're not sure how to do it yourself, find an accountant. Most people your age have a pretty simple return, so it shouldn't be too expensive. Oh, and...

Shantronathon:

File your return as soon as possible.

Attach a cover letter to the return asking that late filing/late payment penalties be waived (by law, the IRS CANNOT waive the interest).

If this is the first time you have filed, the IRS normally waives the penalties.

If you need professional help, contact me at [email protected].