Happy Tax Day to you all!!!

**Guru** · 04-15-2008, 01:10 AM

Gotta love the IRS

**tammietailgator** · 04-15-2008, 11:10 PM

what if you dont file an extention?

**hermhater** · 04-15-2008, 11:11 PM

Originally Posted by tammietailgator

I have a question... what really happens to you if you do not have your tax forms post marked by today... what if you do send it tomorrow? I already filed, but I have always wondered about this.

If you owe the IRS money and it is late there is a penalty.

If you don't file your return by April 15 or file a request for an extension, the IRS can impose a penalty of 5% per month of the tax due, up to 25%. The IRS will also charge you interest on the tax owed.

Here is a little known fact, as folks who are getting a refund normally file as soon as possible so that they can get their money quicker.

If you are owed a refund there is no penalty.

Also if you do not file and would have gotten a refund you can still file for that year up to 3 tax years later and still get it.

**royalswin100games** · 04-15-2008, 11:14 PM

Originally Posted by hermhater

If you owe the IRS money and it is late there is a penalty.

If you don't file your return by April 15 or file a request for an extension, the IRS can impose a penalty of 5% per month of the tax due, up to 25%. The IRS will also charge you interest on the tax owed.

Here is a little known fact, as folks who are getting a refund normally file as soon as possible so that they can get their money quicker.

If you are owed a refund there is no penalty.

Also if you do not file and would have gotten a refund you can still file for that year up to 3 tax years later and still get it.

Subject matter expert.