Filing Taxes Late May Not be a Problem
Posted: March 29th, 2010 | Author: admin | Filed under: Wealth | 5 Comments »Contrary to popular belief that missing the April 15th deadline for taxes will cost interest and penalties, the majority of taxpayers really have nothing to worry about. Those due a refund can file late with no penalty — and may even get MORE money back if the IRS delays the refund.
Since most people are due refunds, there’s no penalty associated with being a little late with filing your taxes. In fact, you have up to three years to file a refund return. After that, the IRS has no obligation to refund your money. However, if you owe taxes, it’s best to file on time, or to file an extension request (which costs nothing). Just remember that if you owe money and pay it late, then you’ll be facing interest fees.
A flat tax of 11% of ALL Americans would bring in more money to the government that they are bringing in today – but of course we would tick off a ton of liberals who now reside in their parents’ basements. But at this point if something is not done to reign in spending and taxes we will all be living there.
If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the IRS office for the area in which you live. The 1040X instructions list the addresses for the opcampuses. If the changes involve another schedule or form, you must attach it to the 1040X.
I like that you can enter info at your leisure, so once the 1098s and W2s start trickling in, I can update my return. Once the last piece of paper comes in, I am ready to file in a matter of minutes.
I did the exact opposite and had been on TurboTax for the last six years, and for the last two years, my brother had joined me. The first year that I did his tax, he was shocked that he got a bigger return than the professionals he had been going to.
sdougan! Excellent point! These pinheads that we have in this state boggle the mind!