If you miss the filing deadline for your federal income taxes, you could be hit with penalties and interest if you still owe money to the IRS.
Wednesday is the deadline for filing income tax returns, a day long associated with the dread of rushing to fill out complicated forms and, perhaps, making a payment to Uncle Sam.
You've put off filing for 3 1/2 months, but any more procrastination could cost you. So don't just sit there. Actually, do sit there just a bit longer. Stick with Bankrate.com, and we'll walk you through what you have to do today to get the Internal Revenue Service what it wants.
Tax procrastinators, you now have just four days to file your 2014 taxes and avoid any late filing penalties, which can be significant. It’s the home stretch for tax season, and preparers were pretty busy at Liberty Tax in Springfield Friday night. There are significant drawbacks to filing late: you’re competing with a lot of other people in a rush to get to their taxes done. And you definitely don’t want to miss the April 15th deadline.
Over the years, our beloved Congress has dreamed up lots of penalties to punish tax scofflaws. Here are four expensive penalties that taxpayers can easily avoid. The 5% per month failure-to-file penalty When you fail to file your Form 1040 by the deadline, you will be charged a penalty equal to 5% per month, based on the unpaid balance of what you owe, until you send in your return. The maximum penalty is limited to 25% of the unpaid balance. So after five months, the penalty doesn’t get any bigger, but you’ll still be charged interest until you cough up the balance you owe.
You just realized that you're going to have to send Uncle Sam some of your hard earned money to settle up your taxes. The Internal Revenue Service (IRS) s
With the tax deadline day of April 15 approaching fast, you might be thinking "delay, delay, delay," and that's no crime — unless you don't let the IRS know you plan on filing for an extension. If you do plan on filing taxes late, you're not alone. About 8% of all tax filings — about 11 million taxpayers — are filed after April 15. But don't do it unless you know the rules, so Uncle Sam doesn't come knocking with a big tax bill in hand.
The IRS is reminding taxpayers that it’s easier than ever to pay their taxes electronically, and for those who can’t pay on time, quick and easy solutions are available.