Didn’t file by April 18?

There is no penalty for filing a late return after the tax deadline if a refund is due.

Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18. The IRS provided taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Anyone who did not file and owes tax should file a return as soon as they can and pay as much as possible to reduce penalties and interest.

Filing soon is especially important because the late-filing penalty on unpaid taxes adds up quickly. Ordinarily, this penalty, also known as the failure-to-file penalty, is usually 5 percent for each month or part of a month that a return is late.

 

Gregory J. Cook, EA, CPA

Gregory J. Cook, EA, CPA

News from Cook & Co. Tax Advisors at 124 South Main Street in Arab, Alabama.
Gregory J. Cook, EA, CPA