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

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  • J.K.Logic
    2015-04-15 09:54:58 PM
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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.
  • bryce28
    2015-04-15 10:31:25 PM
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    Good news! I had also never heard of that. I'll be sure and let others know. :)
  • Richard1022
    2015-04-16 10:27:12 AM
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    Nice! Too bad I owe, but that's good to know for the future.
  • JFoster
    2016-04-13 02:46:37 PM
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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?
  • J.K.Logic
    2016-04-18 05:06:53 PM
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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.
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