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Tax Refund - English
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If there’s one thing we know we have to do year after year, it’s filing our annual taxes, although there’s always someone who finds out at the last minute and problems will come on their own.
Tax Day is April 15, and that date is just around the corner, but there are some taxpayers who have nothing prepared.
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For those who file their return late, the first piece of advice is to try to avoid this happening, and secondly, they should know what the consequences of not filing their return on time and in due form are.
What happens if I file my tax return one day late?
The Internal Revenue Service (IRS) receives millions of last-minute tax returns, so it’s normal to wonder if they might notice the delay in filing.
But why take risks? If your return is sent by mail, the IRS can see the postmark date on the envelope, so you are likely to receive a bill even if it is only a few days late.
If the IRS has access to your W-2, it could file the return on your behalf if you do not file it before the deadline and this is called a “substitute return”.
If this happens, the IRS will use your W-2 forms to send you a Notice of Deficiency, proposing a tax settlement.
While it may seem appealing to avoid the work, having the IRS file your taxes for you could prevent you from taking advantage of the deductions and exemptions you are entitled to. Therefore, it is best to avoid this happening.
If the deadline has passed, it is best to file as soon as possible and not let more time pass.
What happens if you don’t file your tax return on time will depend on whether you owe money or will receive a refund, in which case you will not be penalized.
If you expect to receive a refund, the good news is that the only consequence of filing your return after the deadline is that you will receive it late.
While you should file your return as soon as possible, you can technically claim your refund up to three years after the deadline before you lose it altogether.
IRS penalties for late filing of your taxes
Please note that paying late has repercussions. For each month you file your return late, you will have to pay an additional penalty of 5% for “failure to file” on the total amount owed.
It’s important to note that a month does not mean 30 days to the IRS. Filing your return even one day late means you will still be subject to the full 5% penalty.
You may also be subject to a failure-to-pay penalty, a fee the IRS charges for unpaid overdue taxes. This fee is 0.5% of the unpaid amount per month, up to 25% of the total amount owed.
If you are late in filing (and paying), you could be liable for both fees. However, in this case, the IRS would reduce the failure-to-file fee with the failure-to-pay fee, so if you file your tax return one month late, instead of paying a 5% failure-to-file fee, you would pay a 4.5% fee and a 0.5% failure-to-pay penalty.
The IRS will also charge interest on the balance owed, in addition to the penalties already mentioned. The current annual interest rate is 7%.
This news was originally published on this post .
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