No Late Filing Penalty If You Don’t Owe Money On Taxes
- 2 Comment
Today must have been a busy day for post offices throughout the nation since it is the dreaded 15th of April. There are many procrastinators when it comes to filing taxes and sadly, I am one myself also. But, I wasn’t afraid because I’ll be receiving a refund.
I filed my federal tax return a while ago because it was so easy to do with TurboTax and I didn’t want to pay to e-file my state return so I just printed the forms out to mail. Then… I forgot about it until today.
All I knew was that the deadline for filing taxes was today but I had no idea that penalties don’t exist for those who are receiving a refund (thanks to a quick Google search). I also found out what kinds of penalties there are for those to do owe money.
- If you FILE late and owe money, there is a 5% penalty for each month the return is late (up to 5 months for a maximum of 25%).
- If you file on time but PAY late, there is 0.5% penalty for each month that you have a balance.
- If don’t owe anything, there is no penalty for filing late.
This will be good to know for the future. And remember that there is always the option of an extension.
Photo credit: kalebdf
Related Posts
2 Comments on this post
Trackbacks
-
MoneyEnergy said:
That’s what I will be counting on – no late penalty if you don’t owe… but I’ll probably get to them this weekend. In the past, I’ve tried doing them early only to find that I still hadn’t received all my slips, so there was no point.
April 17th, 2009 at 3:56 pm -
Chiko777 said:
I filed my taxes in January, i guess you can call me a non-procrastinator (that’s because it had to do with my money). I also used turbo tax, its easy to use. I think I will be using turbo tax again next year. It helped me to receive my money early enough to use it and buy into a stock that I made over 250% gain.
April 28th, 2009 at 9:19 pm
