CHARLOTTE – April 18 tax filing deadline has now come and gone. Now you are looking at filing by October 17th, but wait you didn’t file for an extension. The question now is what kind of penalty will I have to pay because I didn’t file for an extension? The answer truly depends on whether or not you will owe taxes or you will receive a refund because you paid too much in taxes.

If you are due a refund once you file your taxes then you WILL NOT have to pay the failure to file a penalty. If you totally forget to file your taxes within a three-year tax period you can still E-File your taxes in order to receive your refund. After the three-year period, you will forfeit the right to claim your refund.

If you owe taxes and you have not filed for an extension then the IRS will penalize you. You will need to pay a failure to file your taxes on time penalty and failing to pay your taxes on time penalty. Both come at a medium price depending on the amount of taxes that are owed. Failure to file has a 5% per month penalty capped at 25%. For example, if you owe $5,000 in taxes then you will have to pay an additional $1,250 of penalties.

For more information about this article then contact Mays Concepts, LLC at (704) 526-0307, email us at maysconcepts@gmail.com, or visit/like our Facebook page https://www.facebook.com/MaysCon

Remember, You Can Count On me!

*Source: https://www.cnn.com/2022/04/19/success/missed-the-tax-filing-deadline/index.html