filing taxes late?
If i know that i don’t owe the IRS any money, i.e., i’ve withheld more than my tax liability, is it okay if i file my tax return late?
What would be the consequence? Is the only thing that i get my refund and rebate later? Or does filing late mean i don’t get a refund?
Comments (6)
You’ll owe a penalty which will be deducted from your refund.
You will owe a penalty for filing late which will accrue compound interest the longer you wait. File for an extension if you plan on filing later, that way you will avoid paying penalties.
There is no penalty if they owe you money. The longer they hold onto your money the more interest they are earning on it. You have up to 3 years to file a back return, there is no penalty for when you file it.
No you do get a penalty charge and it is not cheap let me tell you. You should pay the small to fee to get an extension TODAY
The instruction book that came with your tax forms should explain that. Filing late will not affect what you owe or what you are due in a refund.
Anyone can file for an extension. The form is downloadable for their web site. Filing it is an automatic extension. You must pay any and all taxes due by tonight though. That part is no exception. But gotta do it today without fail.
“There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether. In cases where a return is not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund.”