What happens if I don’t file by April 15?

What happens if I don’t file by April 15?

- The IRS charges two different kinds of late fees: failure-to-file and failure-to-pay penalties. Failure-to-file is 5% of unpaid taxes per month, while Failure-to-pay is 0.5 of 1% per month. If you miss the April 15 due date, you won’t go to jail, but you might be charged some late fees. If you’re due a refund, April 15 is not much of a deadline at all. Penalties for filing late federal tax returns apply to people who owe money. If you owe nothing, 5% of nothing is… nothing! However, it does not make any sense to file late if you are owed a refund. Why won’t you like to get your refund early right? On the other hand, if you do owe taxes and did NOT file your tax return or request an extension by April 15 deadline, you may face interest on any unpaid federal taxes you owe and a failure-to-file penalty. When you file for the extension, you are asked to pay an estimation of your outstanding tax bill. If you don’t cover at least 90% of your taxes due by April 15, the failure-to-pay penalty still applies.
    • Related Articles

    • Do I still need to file my taxes even though I didn’t make enough money?

      - Even if you are NOT REQUIRED to file, you SHOULD file especially if you had income tax withheld from your pay or if you qualify for the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit. Since many people don’t think they need to ...
    • 2015 E-File Dates

      January 30 - 1st day to e-file                  - 1st IRS acknowledgements of e-filed returns April 15 - Last day to e-file timely returns             - Last day to e-file timely extension requests April 20 - Last day to re-transmit rejected timely ...
    • Who must file the FBAR?

      You are required to file the FBAR for a calendar year if (i) you are a U.S. person and (ii) during such calendar year you had a financial interest in or signature authority over one or more foreign financial accounts with an aggregate maximum account ...
    • I didn’t keep the receipts for my work expenses, can I still claim them?

      Only if you have other means of proof such as bank statements or cancelled checks.
    • What information do I need to file the FBAR?

      You only need the following information for each account:  (i) the account number, (ii) the name and address of the non-U.S. financial institution where the account is maintained, and (iii) the maximum value of the account during the relevant year. ...