However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Good news: You might not owe the penalty if you have a reasonable explanation for filing late. You can attach a statement to your return explaining your reason for filing late. The late-filing penalty is not the same as the late-payment penalty.
The late-payment penalty affects people who pay their taxes late. It is 0. Add interest on top of that. You typically have just three years to claim a tax refund. There is usually no penalty for failure to file if your tax return results in a refund.
A tax extension can get you an extra six months to get your tax return to the IRS. Remember, however, that a tax extension only gets you more time to file your tax return. It does not get you more time to pay your taxes. Some people, such as natural disaster victims, certain members of the military or Americans living overseas, may automatically get more time to file. Bankrate has answers. Our experts have been helping you master your money for over four decades.
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While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The tax-filing deadline is typically April 15 each year. The filing deadline can be extended to Oct. However, tax payments are still due by April Not being able to file on time can happen for a number of reasons, from simple forgetfulness to unexpected emergencies.
Regardless of what may cause a person to miss the tax filing deadline, there are potential consequences. Again, the April 15 deadline is for making tax payments. Individuals can apply for an extension to file later in the year. However, if April 15 passes before you make your tax payments, there are a couple of different things that may happen, depending on your status as a taxpayer.
Most Americans get a tax refund after filing their federal and state taxes. This occurs when you have paid more in taxes over the course of the year than you owe. If you fall into this category, owing no taxes to the government or being owed a tax refund, then there is no penalty that occurs for not filing your taxes. There will be no penalty for filing late, just get the paperwork in to the IRS so they can process your taxes and issue the refund. Technically, you have three years to file taxes and receive a refund.
That means if you fail to file your taxes by April 15, you may start facing penalties because you owe the government money. You can delay some of these penalties by filing for a tax extension. This gives you an additional six months to file your taxes, allowing extra time to get everything in order and delaying some of the penalties for failing to file that you may otherwise face. Filing an extension will prevent the government from penalizing you for failing to file.
Your tax payment is due April 15 regardless of when you file. Potential penalties and interest may apply for not making your payment on time, regardless of whether you have extended your filing deadline. Failure to file penalties result in a 5 percent penalty each month on any unpaid taxes, capping at 25 percent. Here is how it breaks down:. There are some cases, including natural disasters and military service, that the government will forgive failure to file penalties.
File a Tax Extension. Tax Tips After January 1, Is Social Security Disability Taxable? Estimate your tax refund and where you stand Get started. See if you qualify for a third stimulus check and how much you can expect Get started. Easily calculate your tax rate to make smart financial decisions Get started. Estimate your self-employment tax and eliminate any surprises Get started. Know what dependents credits and deductions you can claim Get started.
Know what tax documents you'll need upfront Get started. Learn what education credits and deductions you qualify for and claim them on your tax return Get started. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Skip To Main Content. The federal tax return filing deadline for tax year was April 18, If you missed the deadline and did not file for an extension, it's very important to file your taxes as soon as possible.
Why file for an extension? Filing for the extension wipes out the penalty. How long is my extension good for?
An extension of time to file your return does not mean an extension of time to pay your taxes. If you expect to owe money, you're required to estimate the amount due and pay it with your Form As long as you do that, the extension will be granted automatically.
What if I didn't ask for an extension? If you are getting a refund: This is one of the great little secrets about the federal tax law. Even if you have a refund coming, consider the following: You can't get your money back until you file, so you should file as soon as you can to get your money as soon as possible.
The statute of limitations for the IRS to audit your return won't start until you actually file your return. So, the sooner you file, the sooner the clock starts ticking. Some tax elections must be made by the due date, even if you have a refund coming.
This applies to a very tiny percentage of taxpayers. If you have a balance due: If you haven't paid all of the tax you owe by the filing deadline: You'll likely end up owing a late payment penalty of 0. You'll also likely owe interest on whatever amount you didn't pay by the filing deadline. Beware: No statute of limitations Regardless of whether you are due a refund or owe, there is another point to keep in mind: If you never file your return, there is no limit on how many years the IRS can go back to assess and collect tax.
What if I owe the IRS but can't pay? If you find yourself in this situation, you have a few options available, such as: credit card payments installment agreements "offers in compromise" You can also simply file your return and wait for the IRS to bill you, but don't be surprised if the bill includes interest and penalties.
Can I pay my tax by credit card?
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