Posted: 4/18/2011 5:17:25 AM EDT
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I usually file my taxes as soon as I receive my w2.
This year I've been dragging my feet, and now here it is the deadline. I don't / won't owe anything, infact I expect a small refund. Do I still have to file today, or is today's deadline only for those who owe money? Dumb question I know, but I've never been in this situation before. Thanks. |
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Quoted:
Today's deadline is for everybody. If you are e-filing you can go until midnight, if you are going to use USPS, better get them done before the post office closes, they will not stay open late today. Thank you. We are sitting outside h&r block right now, waiting for them to open. |
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Quoted:
Today's deadline is for everybody. If you are e-filing you can go until midnight, if you are going to use USPS, better get them done before the post office closes, they will not stay open late today. I learned my lesson last year about efiling at the last minute. E-filed on the 15th before the deadline and after the 15th they rejected the filing, of course stating no reason in the automatic message. Sent in paper package and got to pay late fee for not filing on the 15th. 
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If you're owed a refund I believe you have up to 3 years to file to get it back.
Edit: from tax attorney.org website- What Happens If I File Late? If your federal income taxes are not filed on time, you may be subject to the failure-to-file penalty as well as interest if you owed taxes; if you were owed a refund from the government, you have until three years past the filing date to claim it. |
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Quoted: Although you're supposed to file today, I don't think there is a penalty if you file late and owe nothing. Perhaps someone else can chime in... The problem is that if you fail to file, the IRS computers automatically create a substitute filing for you based on the numbers they receive through W2's, 1099's etc sent to them by other sources. So the fact that you owe no taxes, or are entitled to a refund with all your relevant numbers, is not understood by the IRS, and instead, the substitute return they create for you may have a significant liability. I'm pretty sure the substitute return will be a basic W2 + 1099's using the standard deduction to be as unfavorable to your situation as possible. That will trigger a collection process, so you may suddenly find yourself battling the might of the IRS behemoth through the court system. http://www.irs.gov/businesses/small/article/0,,id=108330,00.html While that can all be sorted out by eventually filing, you probably really don't want to invite the man into your life. |
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The failure to file penalty is based on the deficiency (i.e., 5 percent for each month, or part of a month, the return is late).
If you have no deficiency there is nothing for the regular failure to file penalty to be computed on (e.g., if one month late, 5 percent times zero, equals zero). There is a $100 failure to file penalty that can be assessed but it is usually asserted on people who have a track record of not filing timely IIRC. It is a rarely asserted penalty IIRC. And, yes, you generally have 3 years to claim a refund. |
