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If You Don't Owe, There Is No Penalty For Filing Late

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    Good news. Just read an AP report that says the following:
    The IRS doesn't like to talk about it, but penalties for filing late federal tax returns apply only to people who owe money. The penalty is a percentage of what you owe. If you owe nothing, there is no penalty.

    So if you did happen to procrastinate today, no worries. There is still time, and you won't be penalized for filing late if you expect a refund. That's something I didn't know until today, and seems like something the IRS would rather keep a bit secret to not encourage a ton of late filers. But oh well, secrets out now.
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    Good news! I had also never heard of that. I'll be sure and let others know. :)
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    Nice! Too bad I owe, but that's good to know for the future.
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    Wow, the things they don't want you to know, huh? Does it still apply this year or has it always been this way?
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    JFoster Wrote: Wow, the things they don't want you to know, huh? Does it still apply this year or has it always been this way?
    Been that way for a while now. Not sure when it started, but it definitely works the same for this year as well.