Tax deadline not much of a deadline for most

Tools

Associated Press

WASHINGTON (AP) - Here's a little secret for all you procrastinators on Tax Day: The Internal Revenue Service doesn't like to talk about it, but as long as you don't owe any additional taxes, there is no penalty for filing a few days late.
   
The late filing penalty is usually 5 percent of the unpaid taxes for each month a return is late. That can add up quickly if you owe additional taxes. But what if the unpaid taxes are zero? Five percent of zero is ... zero!
   
However, if you wait more than three years to file, you forfeit your refund. So maybe it's better to file by Monday, after all. Besides, if you're getting a refund, why wait?

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Advertisement