Psst. Tax Deadline Not Much Of A Deadline For Most
ATLANTA (AP/WAOK) – Here’s a little secret for all you procrastinators on Tax Day: The Internal Revenue Service doesn’t like to talk about it, but as long as you don’t owe any additional taxes, there is no penalty for filing a few days late.
The late filing penalty is usually 5 percent of the unpaid taxes for each month a return is late. That can add up quickly if you owe additional taxes. But what if the unpaid taxes are zero? Five percent of zero is … zero!
However, if you wait more than three years to file, you forfeit your refund. So maybe it’s better to file by Monday, after all. Besides, if you’re getting a refund, why wait?