Tax Day- What Happens If You Don’t File By Midnight
Today is tax day. This means if you were a huge procrastinator, and did't file your taxes yet, today is the day. If you don't file,you need to at least file an extension. If you don't do that... holy penalties! But what are the penalties? Like what happens if you don't do that?
I had to find out. I was a person who owed taxes this year. We filed like a month and a half ago, but owed money. So I procrastinated that part of it... I just mailed our payment in on Saturday. I thought that was cutting it close. Then I heard this morning about other people who didn't even file their taxes yet. YIKES! That's pushing it. If you own a business, I get it. Usually you pay like quarterly anyway. But you still have to file.
And how exactly does the IRS figure out what sort of penalty you do have to pay for late filing? This is what I found on that...
So.. .I changed a few things that I claimed this year. I guess I would rather have some sort of a refund at the end of the year. I know the school of thought that says if you come out even that is a win. I get it, but it's still nice to get a chunk of money back.
Until next year.... happy filing!