Deadlines for 2020 taxes this year were in May, but many opted to file for the extension which is up Oct. 15.
The deadline, which is normally in April, was extended to May 17.
Taxes still needed to be paid in May, but filing the return could wait until Oct. if the extension was obtained.
If anyone still needs to file, they need to on or before the 15th, or they risk paying hundreds in late penalties.
The only ones this doesn’t apply to are military members serving in a combat zone and anyone in a federally declared disaster area.
If you got an extension, you did so by Free Filing, submitting form 4868, or by paying your estimated income tax and saying the payment was indicative of an extension.
If you did not file for an extension, you need to file as soon as possible.
What’s the penalty for filing taxes late?
The IRS may sent you a letter called Failure to File Penalty and be 5% to 25% of your unpaid taxes.
Anyone getting the penalty after 60 days late will pay either their taxes owed or $435, whichever is less.
Don’t forget the interest.
What if I couldn’t file on time?
The IRS considers fires, casualties, natural disasters, inability to obtain records, death, serious illness, or incapacitation as good reasons for not filing on time.
Not having the money is not an excuse.
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