You Didn’t File on 4/15 - Now What?

April 15th has come on gone, but lots of us still haven’t filed - what should we do next?

1) If you didn’t file an extension which allows you 6 extra months to file your return - file ASAP.

• You are going to be hit with “failure to file” penalties (which is 4.5% for late filing + .5% for late payment), and increases by 5% each month it’s late, with a maximum penalty of 25% for unpaid taxes. If you file before the first month of assessment rolls into the second, you’ll save yourself 5% of penalties.

2) If you DID file a tax extension but didn’t make an extension payment (if you think you’ll owe), pay in that amount ASAP or finalize your tax return so you can figure out your tax liability amount and pay it ASAP to minimize late filing penalties (which accrue .5% per month up to 40 months).

3) If you DID file a tax extensions and don’t think you’ll owe (either because you’re getting a refund or you made an extension payment) - rest easy and just don’t forget to file your return on 10/15.