Wednesday, April 20, 2011

Taxes

So I filed my federal income taxes months ago and my state income taxes have been filed as well. So what happens if you didn't file an extension by April 18th? Directly from www.irs.gov

 
If you owe taxes and didn’t file your tax return or request an extension by the April 18 deadline, you may face interest on any unpaid federal taxes you owe and a failure-to-file penalty. The IRS will deny a request for an extension that is filed after midnight on April 18. However, you should still file your tax return, even if it’s late.
The failure-to-file penalty is 5 percent per month, or part of a month, of the balance due, up to a maximum of 25 percent. If the tax return is more than 60 days late, the minimum penalty is $135 or the balance due, whichever is less.
Interest and penalties add to the total amount you owe. The sooner you file, even if you can’t pay all or some of the taxes due, the less you will owe.



So make sure you get in contact with the IRS so that you don't incur further penalties. Socialites take care of business and never waste mone
y.

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