If you haven’t filed your taxes yet there aren’t many options left.
It’s not like the old days where you could take your taxes to the post office at 11:59 pm and have them postmarked by hand just in the nick of time. E-filing changed all that as more people file with a click of a mouse. The post office has regular business hours on Tax Day. But for some, filing taxes will also be at the last minute. This year there were even three additional days to get it done due to the Good Friday Holiday landing on the 15th. But what now if you haven’t filed and owe money? Experts say you will be owing more.
Cheryl Lawson, CPA and owner of Lawson Tax and Accounting Services says, “You would get the failure to file penalties if you haven’t filed an extension, you will get a failure to pay penalty if you owe money, so those two penalties. And then you will also have interest added on.”
If you are getting a refund and haven’t filed there are no penalties, but you won’t get the refund if you don’t file within a certain time. You can find out more about your options on the Internal Revenue’s website. Just look for Topic Number 153.
