Late Tax Filers To Get Late Refunds
If you're new here, you may want to subscribe to my RSS feed. Want more frequent updates follow me on Twitter. Thanks for visiting!
credit: rick
As taxpayers scramble to get their tax returns together and forms filled out, it’s inevitable that some just won’t have time to file their taxes on time. It may be because they haven’t had time to get to the accountant or purchase tax software, or they may not have the funds to pay what they owe, but either way, if you for those that file late, late rebates are to be expected.
A postponed rebate is not the only penalty, and if you don’t pay your taxes on time, prepare to pay interest and penalties. April 15th is this year’s deadline, and the government expects its tax payers to respect the annual date. If you know that you won’t get your taxes on time, the government allows you to submit Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You will be automatically granted the extension, giving you until October 15th to file your taxes.
If you are one of the expected 10.3 million Americans to extend your filing time, you will still be eligible for this year’s tax refund. But remember, filing for an extension isn’t a way of getting out of what you owe - even if you postpone your filing date, you’ll need to come up with sufficient funds to pay off what you likely owe to the IRS.
As you count down your last days, keep in mind that you can file for an extension of time to pay your taxes and still receive your refund. Just be careful to pay up whatever you owe, and you’ll be in the clear.
Tags: Finances | IRS | Rebate | Refund | Saving Money | Taxes
This entry was posted on Thursday, April 24th, 2008 at 3:25 am and is filed under Taxes, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
