Comments on: Tax Filing Deadline is April 15 – What if I Need a Tax Extension?

By: Rachel

Rachel — Wed, 16 Jun 2010 19:14:38 +0000

Here are two interesting links that you may want to check out.
The first is written by Ilyce Glink, and outlines just what happens if you pay your taxes late: http://www.thinkglink.com/article/2010/06/14/paying-tax-bill-late-homeowner-responsible-for-paying-tax-bill
The second on is about how to amend your taxes after you turn them in. Until now, I was not even aware that this was an option, but the article has some interesting tips on when and why to amend:
http://tax.equifax.com/2010/06/six-reasons-to-amend-your-tax-return.html

By: Mesa AZ CPA

Mesa AZ CPA — Sat, 01 May 2010 21:35:37 +0000

Make sure that you at least get an extension done. Non-timely filing penalties are 5% a month (capped at 25%). Even if you don’t have the money, just make sure to file. You can always get an installment agreement.

By: Joe

Joe — Tue, 13 Apr 2010 23:38:04 +0000

Timely and very useful information! Thanks!

By: Budgeting in the Fun Stuff

Budgeting in the Fun Stuff — Mon, 12 Apr 2010 16:30:19 +0000

We filed and received an unexpected refund already using our CPA…she’s expensive but handles the weirdnesses of our finances.

Next year’s return will be pretty normal so we are planning on filing our return ourselves. My husband even wants to do it using the paper forms…I’d prefer Tax Act or Turbo Tax.

By: Wes Masters

Wes Masters — Sun, 11 Apr 2010 19:29:14 +0000

One thing to add: your best option is to file an extension online. That way you’re guaranteed to get a response from the IRS and can re-file if your request was rejected. If, on the other hand, you choose to send the IRS your request through the mail, you will never hear anything. That means it may never get to the IRS or it could be rejected. That will mean you’re accumulating late filing penalties without even knowing it.