What happens if you file your taxes late? The IRS filing deadline is April 15, but you can request an extension if you can't file on time. Requesting an extension helps you avoid late filing penalties, but you still have to pay any taxes you owe on time
10 Life Events That Impact Taxes A person’s tax situation can depend on factors like their marital status and income level but there are many other things that can influence it. Maryalene LaPonsieJan. 30, 2025 Inflation Is Impacting Americans ...
In that case, you must file a 2024 tax return or extension request by March 15, 2025. Cautions It is important to meet the IRS deadlines. If you underestimate your taxes, file your return late, or do not furnish certain information by the due date, you may face penalties and interest....
The IRS imposes a penalty if you file your return late. That penalty is based on the amount of taxes you owe on the return you should have filed. For each month or part of a month that you're late, you'll owe 5% of the amount of tax due. The penalty for late filing maxes out...
Don't forget your state taxes! Forty-two states and D.C. collect personal income taxes. But even if you live in of the eight states without any income levy, you still face other state (and local) taxes. State Tax Departments provides links to your state's Web page. The companion page...
The Case for Filing Your Taxes Late.The author explains the benefits of using an extension to file tax returns in the U.S., particularly for those with complex returns.SaundersLauraEBSCO_bspWall Street Journal Eastern Edition
Getting more time to file the return does not give you more time to pay taxes due. It's advisable to pay as much as you expect to owe to minimize or avoid late-payment penalties. These penalties start to run from the filing deadline without regard to extensions. From deadli...
I would also not recommend filing your return prior to the IRS tax start date, as there could be a number of late changes to tax forms and tax software that could impact your return. Also, there is no benefit to filing sooner. Doing so will not hold a place in line for your return...
Is It Too Late to File for an Extension? Tax extensions must be filed by April 15, 2025, for the 2024 tax year. (This is the same day that taxes are due.) If your extension is granted, you must file by Oct. 15, 2025.
Making mistakes on your tax return can cost you money. You may miss out on alarger refundthan you claimed or wind up owing more taxes plus interest and penalties. You could invite anauditfrom theInternal Revenue Service (IRS). The best defense against results like these is a good offense:...