April 15 Tax Deadline: Penalties Depend on Whether You Owe

The April 15, 2024, tax filing deadline  comes with the potential of two types of penalties for people who owe money. (For residents of Maine or Massachusetts, the tax deadline is Wednesday, April 17, due to Patriot’s Day and Emancipation Day holidays.) The two penalties are a failure-to-file penalty and a failure-to-pay penalty.

If you are owed a refund, there is no penalty for late filing, but you must file the return within three years of the tax filing deadline, or you forfeit the refund.

Failure-to-File Penalty: If you owe taxes, submit the return by the deadline, to avoid this penalty. The IRS web site provides additional information about avoiding or reducing the penalty at https://www.irs.gov/payments/failure-to-file-penalty

Extension of Time to File: Filing an extension will give you until October 15 to file the return. However, filing an extension does not remove the failure-to-pay penalty. Find out more about filing an extension at https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return

Payment Plans: The IRS has a variety of payment options. A short-term payment plan has no setup fee, and you can use direct pay to avoid credit card charges. Find out more and apply online for a payment plan on the IRS web site https://www.irs.gov/payments/online-payment-agreement-application

Free Tax Software: Hillsborough County Extension is offering a link to free tax software to residents whose adjusted gross income doesn’t exceed $79,000. The free software is available through mid-October 2024. Complete a short form at https://go.ufl.edu/taxfile and the link will be instantly emailed.


Posted: April 11, 2024

Category: , Money Matters, Work & Life
Tags: April 15, Federal Income Tax Filing, Filing An Extension, Free Tax Prep, Tax Deadline

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